4 ms·

For me the concern with Binance is that it's the biggest crypto exchange in the world, yet has no geographical base and has (AFAIK) never had a proper audit. W

For me the concern with Binance is that it's the biggest crypto exchange in the world, yet has no geographical base and has (AFAIK) never had a proper audit. Without more clarity, there's no way anyone can know for sure if all is well or not, and that's not a great place to put your money given there is likely no insurance if it goes wrong.

logifail 4y ago
> [Binance is] the biggest crypto exchange in the world, yet has no geographical base (Sorry for sounding clueless) they're a company without a physical (street) address? Are there (m)any instances of legitimate companies without any physical presence? Not even a "Acme Widgets Inc c/o Fred Flintstone Accountants, 123 The High Street, Anytown..."?
- raesene9 4y ago
  AFAIK no, as in there's no "Binance headquarters" you can go to, or write to... The company is apparently registered in the Cayman Islands, but it's pretty easy to register a company there without operations.
  - logifail 4y ago
    > The company is apparently registered in the Cayman Islands If that's true why would they be coy about it? There are loads of jurisdictions where every single company invoice has to state the company's registration details (registered number and registered address).
    - raesene9 4y ago
      A company being registered somewhere is no more than a PO Box and some paperwork. My guess about why Binance avoids having a headquarters location would be trying to reduce the risk of regulators and tax authorities paying a lot more attention to them.
      - logifail 4y ago
        > A company being registered somewhere is no more than a PO Box and some paperwork Quite, which is why it seems so odd for any company to even consider skipping these steps [EDIT: or not wanting to share that they've been done]. Isn't this the kind of basic stuff that founders do in the first week of starting a business?

logifail 4y ago

> [Binance is] the biggest crypto exchange in the world, yet has no geographical base (Sorry for sounding clueless) they're a company without a physical (street) address? Are there (m)any instances of legitimate companies without any physical presence? Not even a "Acme Widgets Inc c/o Fred Flintstone Accountants, 123 The High Street, Anytown..."?

raesene9 4y ago
AFAIK no, as in there's no "Binance headquarters" you can go to, or write to... The company is apparently registered in the Cayman Islands, but it's pretty easy to register a company there without operations.
- logifail 4y ago
  > The company is apparently registered in the Cayman Islands If that's true why would they be coy about it? There are loads of jurisdictions where every single company invoice has to state the company's registration details (registered number and registered address).
  - raesene9 4y ago
    A company being registered somewhere is no more than a PO Box and some paperwork. My guess about why Binance avoids having a headquarters location would be trying to reduce the risk of regulators and tax authorities paying a lot more attention to them.
    - logifail 4y ago
      > A company being registered somewhere is no more than a PO Box and some paperwork Quite, which is why it seems so odd for any company to even consider skipping these steps [EDIT: or not wanting to share that they've been done]. Isn't this the kind of basic stuff that founders do in the first week of starting a business?