The Cayman Islands Monetary Authority (CIMA) stated that the cryptocurrency exchange Binance and related entities Binance Group and Binance Holdings Limited are not registered in the jurisdiction.
According to the press release, the notice followed media reports.
“The Authority is currently investigating whether Binance, Binance Group, Binance Holdings Limited, or any other company affiliated with the group are conducting any activity on the Cayman Islands or from their territory that might fall under oversight,” the notice said.
The Cayman Islands Monetary Authority reminded that in order to conduct cryptocurrency activities, companies must comply with the Virtual Assets Act. In November 2020, authorities proposed to bring the document into line with the FATF requirements.
Earlier, the Monetary Authority of Singapore (MAS) said it would monitor the local subsidiary Binance Asia Services Pte. According to Bloomberg, it is under a grace period while the regulator reviews the license application.
“We are aware of the actions taken by other regulators against Binance, and we will take appropriate measures,” said MAS.
Binance representatives told ForkLog that the company \”has always operated\” within a decentralized model and did not control a cryptocurrency exchange on the Cayman Islands.
“However, we have Cayman Islands-registered entities, operating in a manner permitted by law and not involved in trading cryptocurrencies. We will work with regulators to address any issues they may have,” said Binance.
Binance Holdings Limited was registered back in 2017 on the Cayman Islands. We also found this company in the local registry. In addition, this legal entity is registered with nine trademarks, including the Binance exchange logos and the Binance Chain project.
In June, the Japanese Financial Services Agency issued a warning Binance for operating without a license.
Later, the British regulator banned the exchange’s local subsidiary from operating in the country. The company stated that Binance Markets Limited is a separate legal entity and does not provide any services through the regulator’s site.
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