Home Crypto News Binance is not licensed in the Cayman Islands- Regulator

Binance is not licensed in the Cayman Islands- Regulator

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The CIMA says it’s investigating Binance concerning the change’s the British Overseas Territory.

The Cayman Islands Monetary Authority (CIMA) has introduced it has not licensed Binance to supply its companies in the territory.

On Friday, CIMA launched a public discover that said the regulator does not oversee Binance, Binance Group, and Binance Holdings. According to the watchdog, investigations are underway to determine if the cryptocurrency change, extensively reported to be included in the Cayman Islands, “has any activities operating in or from within” the British Overseas Territory.

While CIMA has not straight accused Binance of wrongdoing, it maintains that any enterprise looking for incorporation in the territory, and to supply cryptocurrency change companies, has to fulfill sure standards.

Companies and companies can meet the standards by registering as per the necessities in the Virtual Asset (Service Providers) Act, 2020 (“VASPA“). Alternatively, the firm/enterprise can use an current license granted by the CIMA that permits it to supply crypto companies as outlined below the digital Assets Act.

Accordingly, all VASPs had been required to have registered with the Cayman Islands’ regulator by January 31, with the VASPA legislation coming into impact this previous June.

Binance has ‘no headquarters’

CIMA’s investigation into Binance follows a number of situations of regulatory investigations and motion in opposition to the change from throughout the world.

Some of the jurisdictions the place Binance has just lately confronted questions concerning its actions embody Singapore (the Singapore Monetary Authority), the UK (the Financial Conduct Authority), and Japan (the Financial Services Agency).

In February, Malta launched an announcement clarifying that Binance was not regulated by the Malta Financial Services Authority (MFSA). Binance has since then maintained it has no bodily headquarters, with this stance emphasised by CEO Changpeng Zhao in early May.

Binance just lately resumed its GBP funds through Faster Payments after suspending the service earlier this week. And the change stays considered one of the hottest platforms for cryptocurrency customers looking for to simply purchase Bitcoin and different digital property.

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