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Binance Exchange Struggles With Regulation Issues

Binance Exchange Struggles With Regulation Issues
  • Cayman Islands Monetary Authority is in a long line of regulators to take issue with Binance.
  • Island’s financial services regulator says Binance is not authorized to do business in the jurisdiction.

Cayman Islands Monetary Authority (CIMA) said Binance is not authorized to operate as a crypto exchange within the Cayman Islands. In fact, the Binance Group and Binance Holdings Limited are not registered, licensed, regulated, An investigating whether on Binance, Binance Group, or Binance Holdings Limited fall within the scope of the Authority’s regulatory oversight. The Cayman Islands’ primary financial services regulator noted.

“Binance.com does not run a cryptocurrency exchange out of the Cayman Islands,” a Binance spokesperson said. “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,” he added.

In the past two weeks, some international regulators have asked whether the firm is compliant with local regulations.

Earlier today, the Thai SEC filed a criminal accusation against Binance for running a digital asset business without a license.

Yesterday, Singapore’s central bank announced that it would follow up with Binance Holdings Ltd following the string of regulatory operations targeting the exchange.

Late last week, the UK Financial Conduct Authority said that Binance was prohibited from doing business in the country.

A few days before the FCA’s announcement, Japan’s Financial Services Agency informed that Binance is not registered in Japan.

And last July, Malaysia’s Securities Commission said that Binance worked illegally in the country.

Binance is quickly failing its long-running game of regulatory arbitrage.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.