Thread by @intel_jakal

In case peeps haven't made the connection yet....#ceffu where #Binance has stashed BAM's customer assets is NOT a profit juggernaut its a loss making dumpster.
That has a class action lawsuit against it.

I have to partially retract the above statement.... #CEFFU (15 Sep) announced that the US is an excluded jurisdiction, so they couldn't/don't/won't service BAM.

I reiterate everything else.
Bifinity made a loss for 2022, has to defend a class action lawsuit.
as per my previous threads Bifinity sits outside the BHL group structure and directly held by CZ....who is the UBO of BHL...which means yes its all the one group.

and here it is. hiding in plain site......note: CEFFU HOLDINGS is NOT defined as all the other entities are....why because they are trying to be tricky dickies.

So it looks like #bifinity are the licensee of the Custody Wallet Technology. The licensor is "CEFFU HOLDINGS"

Which a reasonable person might believe is this fairly new co. in Singapore.
However, there's always a reason for not specifying the exact company entity and the singco could just as easily be a subsidiary of the unqualified CEFFU HOLDINGS referenced in the CEFFU announcement.

So finally, the onion is peeled.

#CEFFU group structure.
CEFFU Holdings Pte Ltd is the Custodian Tech Co.
and its 100% subsidiary CEFFU SG Pte Ltd
primary activities are;

"TRUSTEE, FIDUCIARY AND CUSTODY FIRMS (INCLUDING NOMINEE
COMPANIES, TRUSTEES AND REIT TRUSTEES)"

CEFFU SG was formally known as Binance Institutional SG Pte Ltd (which is consistent with what I picked up from the domain records last week).

But who owns CEFFU Holdings?

BHL?
Bifinity?
CZ?

Well its none of the above (directly anyway).

Here's a hint. A couple of days ago I noted of various taking roles as directors/officers of various entitles across the group but wasn't really consistent with their job titles/role.
This now appears to extend to the shareholder(s) of record.

to be continued....

Part 2.
The directors of CEFFU Holdings are Hi Jinkai and Ian Loh Teck. Their official job titles (via linked in) are;

He Jinkai - Head of Custody, Binance

Ian Loh - Managing Director. CEFFU.

Generally, I'm good connecting dots, and chasing #CEFFU for days.
But these guys didn't come on the radar (for me) until after #Bifinity released their statement.

Feels like lots of posterising going on in the background and I can't help but think it's all #SEC related.

I'll have to go back and look at the #binance vs #sec correspondence as I'm sure now knowing how the #CEFFU entities actually relate to each other will enlightening.
But not in a good way for Binance.
#toocoolforschool

Does #binance have some master plan to get #SEC to chase itself around in circles regarding #CEFFU.

Why is a #binance employee the sole shareholder of CEFFU?

Are they trying to suggest it's not a related or controlled entity?

Unroll @threadreaderapp