Binance News: The Monetary Authority of the Cayman Islands (CIMA), in a statement on Friday; Binance said there are no “registered, licensed, regulated or otherwise authorized” documents for Binance Group and Binance Holdings Limited to operate as crypto exchanges in the Cayman Islands.
The Cayman Islands financial services regulator also added that it is investigating whether Binance, Binance Group or Binance Holdings Limited “come within the scope of the Agency’s regulatory oversight.”
CIMA said that any company providing virtual asset services located in the Cayman Islands must either be licensed in accordance with virtual assets regulations or be given a waiver by CIMA itself.
“Binance.com does not operate a cryptocurrency exchange outside of the Cayman Islands,” a Binance spokesperson said. “We have entities established under the laws of the Cayman Islands that are permitted by law and engage in activities unrelated to crypto exchange trading activities,” he added.
to Binance; When asked what assets are on the island, what activities and under what laws Binance declined to comment.
Binance’s regulatory struggles
In the past two weeks, several international regulators have questioned whether the company complies with local regulations. Earlier today, the Thai SEC filed a criminal complaint against Binance for operating an unlicensed digital asset business.
Yesterday, Singapore’s central bank announced that it will continue with Binance Holdings Ltd after a series of regulatory actions.
Late last week, the UK Financial Conduct Authority said that Binance’s UK subsidiary Binance Markets Limited (BML) has been banned from doing business in the country. A Binance spokesperson told Decrypt that it acquired BML to “own and operate” a private crypto exchange available to UK customers.
A few days before the FCA’s announcement, Japan’s Financial Services Agency warned that Binance is not registered in Japan.
Most recently, in July 2019, the Securities Commission of Malaysia said that Binance was operating illegally in the country. As a result, Binance is rapidly losing its long-running “regulatory arbitrage” game.