Cryptocurrency

Cayman Islands the latest to engage in regulatory attacks on Binance

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Cayman Islands has joined the regulatory attacks on Binance, the world’s biggest cryptocurrency exchange.

This following an official statement from the Cayman Islands Monetary Authority (CIMA) that said the company is not registered under the British Overseas Territory to operate as a crypto exchange

CIMA “wishes to inform the public that Binance, the 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,” said the regulatory body.

In recent weeks, Binance has had to deal with regulatory authorities issuing warnings against it or worse, had its operations stopped, just like in the case of Ontario in Canada.

Under heavy fire

Since last week, there are already four different financial regulators that issued notices referring to the biggest crypto exchange in the planet.

Just last Friday, Japan’s Financial Services Agency (FSA) released a warning stating that Binance continues to operate in the country without due authorization.

Meanwhile, in the United Kingdom, the Financial Conduct Authority (FCA) issued a statement that said the crypto exchange is not permitted to conduct any regulated activity in the UK.

Binance also made an announcement last week about their supposed withdrawal from its operations in Ontario, Canada, citing mounting regulatory obligations as the main reason. The company said, “Regrettably, Binance can no longer continue to service Ontario-based users.”

Binance involved in various scams

These developments led some industry players to ask what is happening with Binance and some speculate that scams associated with the exchange are part of the problem.

In recent months, a number of decentralized finance (DeFi) projects built on the Binance Smart Chain network ended up as either subterfuge for exit scams or rug pulls or as victims of exploits such as flash loan attacks, resulting in millions of investors’ funds being carted away.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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