The Cayman Islands’ financial regulator recently mentioned that Binance has not registered to operate in the country and that it was scrutinizing the matter.
The country’s financial regulator has joined a list of watchdogs globally that are probing the crypto exchange and its financial transactions.
The nation’s monetary authority mentioned in a recent press release,
“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.”
It’s the latest in a series of developments from regulators against the digital asset business ensuing reports that Singapore’s financial regulator would follow up on developments from other financial regulators including in the United Kingdom and Japan.
The regulator mentioned that Binance Holdings Ltd. and Binance Group were not subject to any regulatory supervision by itself and it is inquiring into whether any of the exchange’s businesses fall within its authority.
Any firm incorporated or entity registered under the Cayman Islands Companies Act of 2020 that provides digital currency services needs to acquire a license in compliance with the Virtual Asset Service Providers Act (VASPA), the regulator concluded.
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