Binance Bifinity

Bifinity UAB takes over crypto trading services on behalf of the Binance Group

Binance BifinityBinance is widely recognized as one of the biggest, most successful crypto asset exchange platforms in the world. Today it hosts more than 21 million user accounts and offers its services at a global scale. Filled with ambition to increase the freedom of money globally, Binance is actively aiming to further expand the spectrum of their services, simultaneously moving hand in hand with relevant regulations and maintaining high security standards.

Earlier this year, Binance made a significant move towards future-proof compliance in the EU. 7 March marks the opening of a payments technology company, Bifinity UAB in Lithuania. It is directly tied to the Binance Group and now acts as an official provider of payments in fiat and digital currencies. Bifinity UAB. It was established in accordance with Lithuanian law, but the services it provides extend to the European Economic Area and the United Kingdom.

Services covered by Bifinity UAB

Stemming from the spectrum of services that Binance provides on a global scale, Bifinity UAB offers easy and secure trading of fiat 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 merchants can easily integrate those services in their platform via user-friendly, intuitive API. This integration will allow more and more businesses to start offering secure and easy crypto payments.

In addition to its functionality, Bifinity UAB is also set to push the values that Binance users already know and appreciate worldwide. Namely, it will actively aim to expand global cryptocurrency trading, educate its audience, and continue to process payments with low fees. “As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,” said Helen Hai, President of Bifinity.

Extending 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 extend their services to offer secure, low-cost crypto transactions as a payment option for goods and services. In addition, on behalf of the Binance Group, the company provides the Binance Custody service – an autonomous and insured virtual asset storage service.

From the perspective of the end user, Bifinity UAB is set to provide access to more user-friendly buy-sell crypto services and entry points, creating easy access to crypto trading for everyone. To ensure a high level of security and full compliance with all relevant regulations, all users are subject to a top-tier KYC onboarding process. By default, this process is meant to mitigate such risks as fraud and money laundering. In addition, it ensures continued monitoring of transactions, helping financial companies identify suspicious user behaviour and potential financing of terrorist activities.

Binance history in Lithuania

The decision of the Binance Group to open a company in Lithuania follows the warning that Binance was issued in 2021 by the Bank of Lithuania. This institution regulates all financial service providers functioning in the country and ensures full compliance with relevant regulations and Lithuanian law. According to the Bank of Lithuania, the warning was issued due to potential violation of those requirements. The main issue that triggered the warning were alternative services, especially those related to crypto derivatives (such as options, futures and securities).

Following the warning, the Bank of Lithuania encouraged Binance to seek proper authorization and licencing status that abides by Lithuanian law. The establishment of Bifinity UAB is a clear move in this direction, putting the services of the Binance Group in Lithuania under direct supervision by the Bank of Lithuania.

Although the process of obtaining a crypto licence in Lithuania is quite straightforward, it contains many nuances and can be both costly and time-consuming if regulatory requirements are not met, or if initial preparation is deemed insufficient. Company in Lithuania UAB is a team of experienced and competent legal professionals who are ready to ensure a smooth, streamlined procedure of obtaining a crypto licence in Lithuania.

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