Binance withdraws from Lithuania

One of Lithuania’s largest taxpayers and a major player in the global cryptocurrency market is withdrawing from the country.

Bifinity, the Lithuanian subsidiary of the cryptocurrency exchange Binance, has reduced its workforce to a single employee – Lithuanian citizen and board member, who has been appointed to oversee the company’s closure.

Mamedov briefly headed Lithuania’s Centre of Excellence in Anti-Money Laundering in 2023. He replaced German national Jonas Sebastian Juenger on April 16. Juenger had served as chief executive since October 2023 and had chaired the company’s board since September 2025.

Mamedov declined to comment on the reasons behind Binance’s departure from Lithuania but confirmed that he had been tasked with winding down the company’s 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.”