Lisa Jones
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Australian Politics
Posts: 39047
Sydney
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Freediver
I don’t (and would never) risk investing in binance.
Why? I’ll let you figure out why:
Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by *Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, then moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading.
In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK's Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021. That same year, Binance shared client data, including names and addresses, with the Russian government.
* Changpeng Zhao
Born
February 5, 1977 (age 46)
Jiangsu, China
Occupations
Businessmaninvestorsoftware engineer
Known for
Co-founder and CEO of Binance
Net worth estimated at $13.1 billion as of December 2022
A few observations which I found interesting:
In 2005, he moved back to China eventually owning an apartment in Shanghai.
In 2015, he sold his Shanghai apartment and used the funds to purchase Bitcoin.
Zhao stayed in China until the Chinese government banned crypto exchanges in late 2017.
He is currently based in **Dubai, United Arab Emirates.
** Dubai, many of the property owners are residents or genuine investors. However, the 2020 Data from the Center for Advanced Defense Studies (C4ADS) exposed that a number of real estate owners in the city were either facing international sanctions or were involved in criminal activities. Some others were public officials, with a minimal possibility of purchasing it with their known incomes. The report, “Dubai Uncovered” mentioned names of 100 Russian oligarchs, public officials and Europeans involved in money laundering. Benefiting from Dubai's lack of real estate regulations, a number of corrupt people owned a house away from home, laundered their illicit money, and even invested to store their wealth.
Absence of taxation
There is currently no personal income tax in the United Arab Emirates. As such, there are no individual tax registration or reporting obligations.
Edit : In essence ... Dubai is a wonderful tax haven for those who love real estate and doing lots of laundry. Hmmm 😳
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