The Cayman Islands Monetary Authority (CIMA) announced that Binance is not licensed by the agency to operate exchange services in Cayman.
In notification On July 1, 2021, CIMA said that none of the “Binance”, “Binance Group” or “Binance Holdings Limited” legal entities are licensed to operate a cryptocurrency exchange in this country.
“The agency is currently investigating whether Binance, Binance Group, Binance Holdings Limited or any other company affiliated with these companies have any operations in the Cayman Islands.”
However, in the announcement of CIMA did not make any allegations of wrongdoing by Binance.
Meanwhile, a Binance representative shared:
“Binance.com has always been decentralized. Binance.com does not operate a cryptocurrency exchange outside of the Cayman Islands.
However, we do have organizations incorporated under the laws of the Cayman Islands that carry out activities that are permitted by law and are not related to the operation of a cryptocurrency exchange. We will work with the regulator to resolve the relevant issues.”
According to the Cayman Islands business registration filing, “Binance Holdings Limited” is a legal entity doing business in Cayman.
CIMA said that any company with a crypto exchange business in or outside the Islands must meet at least one in two The criteria are as follows:
- Registered or licensed under Virtual Assets Act of 2020 (VASPA)
- Waiver granted by CIMA under VASPA
It seems that “fate” continues to besiege the Binance exchange.
As Cointelegraph reported last week, Binance has been hit by a UK regulator, resulting in Binance UK users being temporarily unable to withdraw funds via Faster Payments. Previously, Binance was warned by Japanese authorities for operating without a license.
However, currently, no country has accused Binance of wrongdoing, but only issued some warnings. Legal issues for crypto exchanges are mounting after many countries review crypto laws. Vietnam is no exception to this trend, when the State Bank of Vietnam started researching and piloting “virtual currency” at the end of June 2021.
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