The Cayman Islands Monetary Authority investigates crypto exchange giant Binance.

Cayman Islands Monetary Authority is reportedly investigating the crypto exchange giant Binance for operating in the territory without a proper license.

The world’s largest cryptocurrency exchange in terms of trading volume is facing the music yet again on the heels of the recent UK-FCA. The British overseas territory of Cayman Islands became the latest to criticize Binance’s operations. A public statement issued by the Cayman Islands Monetary Authority (CIMA) noted, “The Cayman Islands Monetary Authority wishes to inform the public that Binance, the Binance Group, and Binance Holdings Limited are not registered, licensed, regulated, or otherwise authorized by the Authority to operate a cryptocurrency exchange from or within the Cayman Islands.”

 

 

Regulatory authority is investigating if Binance is “operating in or from within the Cayman Islands.

Currently, regulatory watchdogs are investigating the crypto-exchange to check whether, “Binance, the Binance Group, Binance Holdings Limited” or any other company affiliated with this group of companies has any activities “operating in or from within the Cayman Islands which may fall within the scope of the Authority’s regulatory oversight.” However, it should be highlighted that the CIMA didn’t accuse Binance and its executives of any potential wrongdoing. Not yet, at least.

 

Binance continues to face regulatory ‘warnings.’

As reported earlier, UK’s financial regulator FCA issued a warning to Binance Markets Limited and the Binance Group, making it clear that Binance Markets Limited could not operate in the country as it is currently doing. The FCA noted in the warning that due to the imposition of requirements by the financial regulator, Binance Markets Limited is not currently permitted to engage in any regulated activities without the prior written consent of the FCA. The crypto exchange responded through its Twitter account, assuring its customers that “the FCA UK notice has no direct impact on the services provided on the exchange” and that its relationship with its users has not changed. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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