The deadline has not yet expired, Binance continues to be “touched” by the Cayman Islands
The Cayman Islands Monetary Authority (CIMA) announced that Binance is not licensed by the agency to operate exchange services in Cayman.
In its notification dated July 1, 2021, CIMA announced that neither “Binance”, “Binance Group” or “Binance Holdings Limited” have a license to operate a cryptocurrency exchange in the national territory.
“The agency is currently investigating whether Binance, Binance Group, Binance Holdings Limited or other companies affiliated with these companies are operating in the Cayman Islands.”
However, no allegations of wrongdoing by Binance were made in the CIMA announcement.
Meanwhile, a Binance representative said:
“Binance.com has always been decentralized. Binance.com does not operate a cryptocurrency exchange outside of the Cayman Islands.
However, we have organizations established 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, “Binance Holdings Limited” is a legal entity that does business in Cayman.
CIMA said that any company with a crypto exchange business inside or outside the islands at least Iceland one of two The criteria are as follows:
- Registered or licensed under Virtual Assets Act 2020 (VASPA)
- Disclaimer from CIMA under VASPA
It seems that “fate” continues to besiege the Binance exchange.
As CoinCu reported last week, Binance has been “touched” by the UK regulator, which resulted in Binance UK users being temporarily unable to withdraw using Faster Payments. Binance had previously been warned by Japanese authorities not to operate without a license.
Currently, however, no country has accused Binance of wrongdoing, just issued a few warnings. Legal issues for crypto exchanges are mounting after many countries review crypto laws. Vietnam was no exception to this trend when the State Bank of Vietnam began researching and piloting “virtual currency” in late June 2021.
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