Binance is not registered in the Cayman Islands with an investigation opened by the regulators
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Answer Binance is not registered in the Cayman Islands with an investigation opened by the regulators
Regulatory concerns at Binance are far from over.
Recently the Cayman Islands Monetary Authority (CIMA) reported that Binance is not registered or licensed by it to operate from the island.
The announcement came Friday from the Cayman Islands regulator that Binance, all of its subsidiaries, “Binance Group” or “Binance Holdings Limited” are not registered, authorized or regulated.
This clarification came after several press reports described Binance as a Cayman Islands-based crypto company.
CIMA stressed and reiterated the following:
… The Authority reiterates that Binance, Binance Group or Binance Holdings Limited is not subject to any regulatory oversight by the Authority.
Read:Bitcoin Drops to $18,000, Altcoins Lose $80 Billion
The Cayman Islands has specific laws for virtual asset services or custodian services that require these companies to be either regulated or licensed under the Virtual Assets (Service Providers) Act of 2020.
But existing regulated entities can also obtain a waiver under VASPA.
The regulator has now launched an investigation against cryptocurrency exchange Binance to check whether Binance or any of its affiliates operate from the island.
The Cayman Islands regulator reported:
The Authority is currently investigating whether Binance, the Binance Group, Binance Holdings Limited, or any other subsidiary of this group of companies has any activities operating in or from the Cayman Islands that may fall under the regulatory control of the Authority.
Organizers and Binance:
Recently, Binance Markets Limited, a subsidiary of cryptocurrency exchange Binance Group, was placed by the UK’s Financial Market Supervisory Authority for not being regulated in the country, which is mandatory for cryptocurrency exchanges.
Japan’s FSA has also warned that Binance is operating illegally in the country.
Meanwhile, Binance has preemptively pulled its business from the Canadian province of Ontario due to heightened regulatory tensions.
Read:What is a Tag in XRP, XLM and Monero (XMR) remittances?
Binance has also partnered with CipherTrace to comply with the regulations of the Financial Conduct Authority (FATF).
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