Binance is widely recognized as one of the largest, most successful crypto asset sharing platforms in the world. Today, it has over 21 million user accounts and offers its services globally. Driven by its ambitions to increase money freedom worldwide, Binance is actively seeking to further expand its range of services, while moving hand in hand with relevant regulations and maintaining high safety standards.
Earlier this year, Binance took a significant step towards a future proof of compliance in the EU. Bifinity UAB opened in Lithuania on March 7. It is directly linked to Binance Group and now acts as the official provider of payments in fiat and digital currencies. Bifinity UAB. It was established under Lithuanian law, but its services extend to the European Economic Area and the United Kingdom.
Services covered by Bifinity UAB
Derived from the range of services that Binance provides globally, Bifinity UAB offers an easy and secure fiat trading and cryptocurrencies. It supports more than 50 crypto-assets and many popular payment methods and systems, including VISA and Mastercard. In addition, mainstream and crypto traders can easily integrate these services into their platform through a user-friendly, intuitive API. This integration allows more and more businesses to start offering secure and easy cryptographic payments.
In addition to its functionality, Bifinity UAB also aims to promote values that Binance users already know and appreciate around the world. Namely, he will actively seek to expand the global cryptocurrency trade, train his audience, and continue to process payments with low fees. “ As cryptocurrency and Web3’s economy continue to grow, we see greater demand for improved fiat-to-crypto ramps to bridge the gap between the traditional financial industry and a decentralized and centralized crypto economy. Binance’s goal is to increase the freedom of money worldwide. With the launch of Bifinity, we aim to accelerate mass adoption of cryptography” – said Helen Hai, president of Bifinity.
Expanding its functionality through collaboration, Bifinity UAB is already in active partnership with other blockchain platforms: Safepal, Zilliqa, EQONEX and Checkout.com. As a result of this partnership, these platforms are expanding their services by offering secure, low-cost crypto transactions as an option to pay for goods and services. In addition, on behalf of Binance Group, the company provides Binance Custody – an autonomous and insured virtual asset storage service.
From an end-user perspective, Bifinity UAB is designed to provide access to more user-friendly buying and selling cryptographic services and entry points, creating easy access to crypto trading for all. To ensure a high level of security and full compliance with all relevant rules, all users must pass the highest level of KYC of the design process. By default, this process is designed to mitigate risks such as fraud and money laundering. It also provides ongoing monitoring of transactions, helping financial companies to detect suspicious user behaviour and potential terrorist financing.
THE HISTORY OF BINANCE IN LITHUANIA
Binance Group’s decision to open a company in Lithuania followed a warning that Binance was released in 2021 by the Bank of Lithuania. This institution regulates all financial service providers operating in the country and ensures full compliance with the relevant provisions and Lithuanian legislation. According to the Bank of Lithuania, the warning was issued due to a possible violation of these requirements. The main problem that triggered the warning was alternative services, especially related to cryptographic derivatives (such as options, futures, and securities).
After the warning, the Bank of Lithuania called on Binance to seek an appropriate permit and licensing status in accordance with Lithuanian law. The creation of Bifinity UAB is a clear step in this direction, placing Binance Group services in Lithuania under the direct control of the Bank of Lithuania.
Although the process of obtaining a cryptographic license in Lithuania is quite simple, it contains many nuances and can be costly and time-consuming if the regulatory requirements are not met or if initial training is considered insufficient. Company in Lithuania UAB is a team of experienced and competent lawyers who are ready to provide a smooth, orderly procedure for obtaining a cryptographic license in Lithuania.