Binance (BNB) Becomes Second Largest Private Taxpayer in EU Country
Seasoned cryptocurrency analyst adds unexpected touch to portrait of largest CEX ecosystem It took one year for Binances crypto-to-fiat processing unit Bifinity, a Lithuanian-headquartered company, to jump into the top five country taxpayers. Bifinity UAB paid over $45 million in taxes excluding VAT in 2022. Binances Bifinity is top Lithuanian taxpayer, researcher says During the 2022 fiscal year, Binances affiliate Bifinity was the second largest corporate and fourth largest taxpayer overall. This data was published by pseudonymous blockchain researcher going by DeFi Ignas (@DefiIgnas on X) based on statistics of the national tax service. There‘s one peculiar reason I’m a fan of Binance. Binance via Bifinity entity contributed more in taxes in my small home country Lithuania than the four largest Nordic banks. In fact, Binance was the 2nd largest corporate and 4th largest taxpayer overall. Binance funds fixing… — Ignas | DeFi Research (@DefiIgnas) Septiyembre 7, 2023 Amid corporate taxpayers, it was only surpassed by Thermo Fisher Scientific Baltics (also known as Fermentas), a well-known producer of restriction enzymes and DNA ladders and molecular weight markers. Also, Binances Bifinity is surpassed by two state-owned enterprises (in the table above, VĮ stays for “valstybės įmonė,” a form of state-backed entity in Lithuania). DeFi Ignas noticed that Binances Bifinity paid