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Binance Not Authorized to Operate in the Cayman Islands, Regulator Says
The Cayman Islands' financial watchdog said that Binance has not registered to operate in the nation and that it was investigating the matter.
The Cayman Islands' financial regulator has joined a list of watchdogs globally that are scrutinizing Binance and its business dealings.
STORY CONTINUES BELOW
"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," the islands' Monetary Authority said in a press release Friday.
It's the latest in a string of developments from regulators against the crypto business following reports Singapore's financial regulator would "follow up" on developments from other watchdogs including in the U.K. and Japan.
The authority said Binance Holdings Ltd. and Binance Group were not subject to any regulatory oversight by itself and it is investigating whether any of Binance's businesses fall within its jurisdiction.
Any company incorporated or entity registered under the Cayman Islands Companies Act of 2020 that provides virtual asset services must obtain a license in accordance with the Virtual Asset Service Providers Act (VASPA), the regulator said.
Read more: Singapore’s Financial Watchdog to ‘Follow Up’ on Global Binance Concerns
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
