Binance Subsidiary Bifinity Withdraws from Lithuania

Binance Leaves Lithuania

One of Lithuania’s largest taxpayers and a major global cryptocurrency exchange subsidiary is leaving the country. Bifinity, the Lithuanian unit of Binance, has reduced its staff to just one employee – a Lithuanian citizen and board member appointed to oversee the company’s closure.

Mamedov, who briefly headed Lithuania’s Centre of Excellence in Anti-Money Laundering in 2023, replaced German national Jonas Sebastian Juenger on April 16. Juenger had been CEO since October 2023 and board chairman since September 2025. Mamedov declined to comment on the reasons behind Binance’s departure but confirmed he was tasked with winding down operations. “The reasons have already been reported in the media, and I am not authorised to comment,” Mamedov told BNS. “I am simply a manager appointed to oversee the closure of operations.”

The change was approved by Bifinity’s board on April 14 and registered with Lithuania’s Centre of Registers on June 9. Under new regulations for crypto-asset businesses, companies in the sector have been required since January to hold a Markets in Crypto-Assets (MiCA) licence. Bifinity has not obtained such a licence, Lithuania’s central bank confirmed to BNS. It declined to comment on whether the company had submitted an application.

In January, Binance representatives told Lithuanian broadcaster LRT that the company was actively pursuing MiCA authorisation and continued to engage with regulators across the region. However, it did not specify whether it was seeking a licence in Lithuania. Binance announced in December that Bifinity would cease providing services to Binance users from December 31 due to regulatory changes affecting the company in Lithuania. To ensure a smooth transition, the two companies appointed alternative regulated service providers to continue offering fiat currency services.

According to Binance, responsibility for fiat transactions has been transferred to two firms. Harmoniie (formerly Ouitrust), authorised by France’s financial regulator, will hold funds in euros and Danish kroner, while Zen.com, regulated by the Bank of Lithuania, will manage Polish zloty and other currencies. The company has not yet submitted its annual report for 2025. Bifinity recorded net profit of €62.2 million in 2024, down from €104.7 million in 2023. Revenue fell similarly, declining to €124.0 million from €229.8 million. Last year, the company paid dividends of €189.4 million to its sole shareholder, France-based Intercorp Holdco. Since 2025, Intercorp Holdco has been owned equally by Chinese nationals Lihua He and Yulong Yan. Between April 2023 and January 2025, Bifinity was directly owned by Canadian citizen Changpeng Zhao, one of the world’s wealthiest individuals, according to Lithuania’s Centre of Registers.

Bifinity’s primary income source is fees from customers depositing or withdrawing fiat currencies through the platform. The company said it continued to grow in 2024, achieved “unicorn” status with a valuation exceeding €1 billion, and became only the second fintech company in Lithuania to reach that milestone. It claimed it strengthened its position as a key player in the global crypto ecosystem. According to BNS, the company ranked tenth in Lithuania’s list of largest taxpayers (excluding VAT and excise duties) in 2025. It paid €33.5 million in taxes, a 64% increase on the previous year, bringing its total tax contribution since 2022 to nearly €111 million.

In July last year, Bifinity paid the highest average salary in Lithuania. Its 14 employees earned an average gross monthly wage of €20,840. Social security data show that Bifinity now has only one employee, compared with 14 in March. The company’s average gross salary in April stood at €11,937.