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The Cayman Islands Monetary Authority (CIMA) introduced that Binance just isn’t licensed by the company to function change providers in Cayman.
In notification On July 1, 2021, CIMA said that not one of the authorized entities “Binance”, “Binance Group” or “Binance Holdings Limited” are licensed to function a cryptocurrency change on this nation.
“The agency is currently investigating whether Binance, Binance Group, Binance Holdings Limited or any other company affiliated with these companies have operations in the Cayman Islands.”
However, CIMA’s announcement didn’t make any allegations of wrongdoing by Binance.
Meanwhile, a Binance consultant shared:
“Binance.com has at all times been decentralized. Binance.com doesn’t function a cryptocurrency change exterior the Cayman Islands.
However, we’ve organizations fashioned below the legal guidelines of the Cayman Islands that perform actions permitted by legislation and are unrelated to the operation of a cryptocurrency change. We will work with the regulator to resolve the related issues. “
According to the Cayman Islands Business Registration Filing, “Binance Holdings Limited” is a authorized entity working in Cayman.
CIMA stated that any firm with a cryptocurrency change enterprise inside or exterior the Islands should meet no less than one out of two The standards are as follows:
- Registered or licensed below Virtual Resources Law 2020 (VASPA)
- Exemption granted by CIMA within the context of VASPA
It appears that “fate” continues to besiege the Binance change.
As Cointelegraph reported final week, Binance was hit by a UK regulator, leading to Binance UK customers quickly unable to withdraw funds by way of Faster Payments. Previously, Binance had been warned by the Japanese authorities to function with no license.
However, at present, no nation has accused Binance of wrongdoing, however solely issued a couple of warnings. Legal woes for cryptocurrency exchanges are escalating after many international locations seemed into cryptocurrency legal guidelines. Vietnam is not any exception to this pattern, when the State Bank of Vietnam started researching and piloting “virtual currency” in late June 2021.
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