JAKARTA – Binance, the world's number 1 crypto trading platform according to a report from CoinMarketCap, will be investigated by the Cayman Islands financial authority (CIMA). Binance is reportedly operating without a license in the country.
According to Coingape, the Cayman Islands are a crypto paradise and have become an alternative base for a number of crypto exchanges experiencing problems from their home countries.
CIMA issued a statement that Binance and its affiliated companies have no authority to operate their services in the Cayman Islands. This follows after Binance was banned in the UK and then expelled from Ontario, Canada.
“The Authority is currently investigating whether Binance, the Binance Group, Binance Holdings Limited or other companies affiliated with this group of companies have activities operating on or from within the Cayman Islands that may fall within the scope of the Authority's regulatory oversight.
Previously, Binance had been registered as a trademark in the Cayman Islands since 2017. However, Binance rejected CIMA's statement saying that it does not carry out cryptocurrency trading in the country.
“Binance.com has always operated in a decentralized manner. Binance.com does not run a cryptocurrency exchange from the Cayman Islands, as was falsely reported in previous media articles. However, we have entities incorporated under the laws of the Cayman Islands that carry out legally permitted activities and are not related to the operation of crypto exchange trading activities.”
For information, Binance has started its business in Shanghai, China. In 2017, Binance moved to Japan. However, Binance only briefly ran the company in the land of the Samurai. It wasn't long before the Binance website listed its headquarters in Malta. But the Maltese government says Binance is not registered there.
An official document proves that Binance was registered in George Town, Cayman Islands in 2017. The company used that address to apply for a trademark.
Changpeng Zhao, the CEO of Binance, posted a tweet on July 1 that signaled FUD and the problems the company has been facing recently.
Some time later the Cayman Islands were blacklisted by the European Union. This is an obstacle for Binance in offering its services in Europe. In 2019, Binance registered itself in Mahe, Seychelles.
On June 25, Binance received a strong warning from the UK financial regulator, the Financial Conduct Authority (FCA) which banned the world's #1 crypto trading platform from operating. Following later, Binance has also said goodbye to its users in Ontario, Canada.
In addition, Singapore's financial authorities are also rumored to be taking action against the crypto trading platform due to regulatory issues. However, the Binance crypto trading company led by Changpeng Zhao said that it does not have a physical headquarters because its services are decentralized.
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