The registered address for Binance UK has been revealed as the exchange looks to exit the region. In a recent development, thousands of companies were discovered to share a small building as an office in Suffolk, United Kingdom.
Among these different firms is the world’s largest crypto exchange Binance. The exchange firm reportedly shares a tiny building in Britain’s East with over 2,000 companies.
Binance Shares A Utility Closet As An Office In The UK
According to a post on June 19 on the r/buttcoin subreddit, the use of tiny shared offices has become a growing trend for most tech companies and big firms.
The post showcased the “utility closet” Binance Ltd shares with over 2,400 other companies as its registered address in the UK.
The UK address for Binance is located in a tiny town in Suffolk County, Mildenhall, England. Outline from Google Maps indicates that the office setting is small, having a plain outlook of a garage building on the outskirts of the town.
Also, the description of the place shows that the building is about an hour-and-a-half drive from Britain’s capital, London. Data from the company’s government registrar, Companies House, indicates that Binance Ltd. is not the only company using that address.
A total of 2,403 other active firms share the building with the crypto exchange. Further, the data revealed that OfficeServ is among the companies using the address as its office.
According to its website, OfficeServ is a virtual registered address service provider claiming to offer a believable business location.
Additionally, House Companies disclosed that the registration of Binance Ltd in the UK is for providing “Other service activities not elsewhere classified.”
It also stated that several other entities in the United Kingdom have different registration addresses implying an affiliation with Binance. Some claimed operations, including providing information technology (IT), financial services, and others.
Increasing Trend In The Use Of Shell Addresses
Over the years, many technology entities have been using shell addresses around the globe. There are many reasons for this increasing trend, including the provision of privacy, registration of business in a corporate tax haven, or concealing patent filing.
A good example in the shell address is the Corporate Trust Company, the biggest global registered agent service firm. The company is used by many giant firms such as Apple, Google, Coca-Cola, Walmart, and others. According to a report from The New York Times, over 300,000 business entities share the same address of a single office.
The UK Financial Conduct Authority (FCA) had earlier sent a caution concerning the trend of crypto clone companies. The agency noted that clone firms are the new scamming tactics fraudsters use to steal from ignorant people. They would use the information of genuine and legal companies and create similar firms for operations.
For now, no one knows the status of Binance Ltd and its UK operations regarding the shared address.
Featured image from Pixabay and chart from Tradingview.com
