Cryptocurrency exchange Finance is facing criticism from the co-owner of its UK subsidiary for allegedly tampering with the company’s official records about the partner’s role in the joint venture.
Binance Digital Limited, a UK-based subsidiary of the global trading platform, has provided “grossly misleading” financial statements, according to the directors of Binance Digital’s partner Dimplx.
“Binance Digital’s turnover, assets, liabilities, potential tax liabilities, net profits, nature of transactions and/or related party transactions” are not accurately stated, Dimplx directors said in a Sept. 28 annual report to the British entity. Registration of companies equivalent to Boards of Trade in Brazil.
In Dimplx’s annual report, the directors alleged that Binance’s UK division’s audited financial statements for the period ended December 30, 2020 were false and had incorrectly recorded the share capital allocated by Dimplx.
The revised financial statements for the same period submitted on April 14, 2022 “remain unreliable in determining the current fair value of Dimplx Limited at Binance Digital,” the report said.
Continue after ad
To fix the value of its stake in a UK-based joint venture with Binance, Dimplx says it needs an accurate assessment of all transactions, income, liabilities and taxes associated with the subsidiary. According to the company, it maintains liaison with Finance Digital’s legal department.
“Dimplx Limited is exercising its right to seek orderly judicial assessment, as well as ordinary and exemplary damages, or an order to transfer its shares in an amount determined by the court,” it said. Company.
“In light of threats of litigation from minority shareholders, Binance cannot fully respond to the allegations,” a Binance spokesperson told CoinDesk in a statement. “However, we understand that the minority shareholders are disappointed that the joint venture has not come to fruition.”
Dimplx did not respond to a request for comment by press time.
Continue after ad
Sign up and find out how to navigate the Metaverse Boom and turn this technological evolution into great investment opportunities
related to
“Total creator. Devoted tv fanatic. Communicator. Evil pop culture buff. Social media advocate.”
