Interesting Bloomberg article about the (weird) Binance company structure

"Binance has always presented itself as a decentralized company—if “company” is even the right term for what Zhao is building. Legally speaking, a Cayman Islands firm named Binance Holdings Ltd. owns its trademarks (such as the logo tattooed on Zhao’s right forearm). That entity’s ownership has never been disclosed. Zhao is the sole owner of Binance Capital Management, registered in the British Virgin Islands, which bought the crypto data site CoinMarketCap for a reported $400 million and put up $200 million for a stake in a company that planned to take Forbes public. Many Binance operations, such as the ones in Malta, Singapore, Ireland, France, and Italy, are also entirely owned by Zhao, either directly or through an entity he controls, according to corporate filings. Most of the trades on Binance go through the flagship exchange,, which is based in who knows where and owned by God knows whom."