Binance has been accused by the co-owner of a UK subsidiary of filing a “grossly inaccurate” annual report for one of the British entities associated with the world’s largest crypto exchange.

The directors of Dimplx, a UK company formed as part of a joint venture with Binance, said the 2020 financial statements for one of Binance’s UK companies “do not accurately report” the nature of its business, its turnover, assets and liabilities, “including potential tax liabilities”.

Dimplx, which made the allegation in its own filings this month to Companies House, the government’s main business registry, raised questions over the role UK companies played in Binance’s sprawling global operations in the run-up to the Financial Conduct Authority’s scathing warning against the crypto group last year.