Home CryptoNews Companies Binance is Now Under Scrutiny in More Territories after the UK

Binance is Now Under Scrutiny in More Territories after the UK

Binance is now under scrutiny as other regulatory authorities are following up with Binance after the UK’s FCA action against the crypto exchange on June 25.

Following the UK Financial Conduct Authority (FCA) crackdown on Binance Market Limited (BML), The Cayman Islands Monetary Authority (CIMA) has also announced the Binance and its related entities are not registered in the Cayman Islands. A press release by CIMA on Thursday, July 1st, reads:

“The Cayman Islands Monetary Authority (the “Authority”) 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.”

The CIMA further said that it was investigating whether Binance and its related entities have any activities operating in or from within the Cayman Islands which may fall within the scope of the Authority’s regulatory oversight.

According to some sources, Binance is registered in the Cayman Islands as in 2017, Binance registered Binance Holdings Limited in George Town, Cayman Islands. This means that Binance’s real headquarter is the Cayman Islands.

binance

But the exchange always struggled to find a home for its operations. Binance also made Shanghai its home base in 2017 but moved to Japan fearing the 2017 Chinese crackdown on crypto. two weeks after suffering a high-profile attack, the Japanese Financial Services Authority demanded from it to get a license, which would carry strict restrictions.  Furthermore, the Japanese FSA has also recently warned that that cryptocurrency exchange Binance is operating in the country without permission.

The company then announced Malta as its new home which is currently displayed on Binance social media channels.

As Crypto Economy reported, last Friday, June 25, the UK’s FCA issued a notice ordering Binance to stop all regulated activities in Britain and imposed stringent requirements.

But the wake of this regulatory scrutiny on Binance is now turning to a global crackdown as Singapore’s financial regulator is also gearing up to have a special review of the Binance Aisa application for proving crypto services in Singapore. According to a Bloomberg report on Thursday, July 1st, the Monetary Authority of Singapore (MAS) is reviewing the Binance application for a license to provide digital payment token services and would follow up as required with the local unit of Binance Holdings Ltd., Binance Asia Services.

Binance Asia has applied for a license to operate in Singapore but the recent events around its parent company could result in a more stringent review by the MAS.


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Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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