The world’s largest crypto exchange Binance used the same lobbyists to pitch Washington lawmakers as its US affiliate, an arrangement that points to linkages between the two trading platforms that claim to operate separately.
Binance has insisted its US operation is independent from the wider group, which has been subject to a barrage of regulatory censures around the world. The offshore exchange, which has no formal headquarters and lets retail traders bet on crypto markets using complex financial products, says it does not serve US customers.
Binance Holdings, a Cayman Islands entity that acts as a holding company for the group’s vast offshore trading platform, and California-based exchange Binance US both used the lobbying services of law firm Hogan Lovells in Washington in late 2022, according to Congressional filings.