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Cayman Islands authorities to investigate Binance for claiming to be incorporated there
The Cayman Islands Monetary Authority (CIMA) has said that despite claiming to be incorporated in the territory, Binance is not licensed by the regulator to operate a crypto exchange business from or within the islands.
In Friday’s announcement, the regulator specifies that neither Binance nor its associated companies, including Binance Group and Binance Holdings Limited, are "registered, licensed, regulated or otherwise authorized in the Cayman Islands."
The regulator created this announcement because Binance mentioned in multiple press reports that it is a crypto exchange based out of the Cayman Islands.
In the Cayman Islands, there are specific laws governing virtual asset services or custodial services that require such businesses to be either regulated or licensed under the Virtual Asset (Service Providers) Act, 2020. However, existing regulated businesses can obtain an exemption under VASPA.
The regulator has launched an investigation into the cryptocurrency exchange to verify whether Binance or its subsidiaries operate from the island.
According to Binance the exchange does not operate from the Cayman Islands
A spokesperson of Binance replied to the situation by saying, "Binance.com has always operated in a decentralized manner. Binance.com does not run a cryptocurrency exchange out of the Cayman Islands, as reported incorrectly in some media articles previously.""We do, however, have entities incorporated under the laws of the Cayman Islands performing activities that are permitted by law and not related to operating crypto-exchange trading activities. We will work with regulators to address any questions they may have," the spokesperson added.
The Cayman Island business registration record shows that at least Binance Holdings Limited is incorporated as a business entity within the territory.
Binance has gotten in trouble with multiple regulators across the world
After Binance received a warning in Japan and also had to close its doors in Canada, the exchange was also reprimanded by the British FCA. According to the British watchdog, Binance offered services through Binance.com to UK customers, which they were not allowed to do. This resulted in UK customers not being able to deposit or withdraw from the exchange to their bank accounts.Want to read more about Binance and its regulation issues? Read Cryptonary's take here.
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