March 29, 2024

Cayman Islands and Singapore Regulators Will Verify Binance Performance

The Cayman Islands Monetary Authority (CIMA) said that the world's largest crypto exchange Binance does notcan carry out transactions with digital assets on the territory of the archipelago.

Department of Monetary Circulation of the CaymanovsIslands (CIMA) has launched an investigation into Binance, the largest cryptocurrency exchange by trading volume. The regulator claims that none of the structures of the site, in particular Binance Group and Binance Holdings Limited, is registered in the jurisdiction of the Cayman Islands and does not have a license to carry out cryptocurrency transactions. CIMA explained that in order to carry out activities related to digital assets, the site must comply with local legislation on virtual assets.

Binance representatives said that the companythere are organizations registered under the laws of the Cayman Islands that carry out activities permitted by law and not related to the operational activities of trading in cryptocurrencies. Binance noted that it will work with regulators to resolve any issues they may have.

Monetary Authority of Singapore (MAS) inin turn, announced plans to audit the activities of Binance Asia Services Pte, as its parent company Binance Holdings Ltd came under the control of regulators around the world, Bloomberg reported.

On June 28 it became known that the British Financialregulator (FCA) warned the world's largest cryptocurrency exchange Binance that it can no longer operate in the country. The regulator claims that Binance.com's service provider, Binance Markets Limited, is part of the Binance Group, which does not have a financial license in the UK.

In May, the Ministry of Justice and the Internal Revenue ServiceThe US has initiated an investigation against the Binance crypto exchange. State authorities conduct inspections for violations in the field of combating money laundering and tax legislation. So far, no charges have been brought against the site.

In March 2021, Binance became a figurantinvestigations by the CFTC of the United States. The regulator studied the work of the company for the admission of American residents to trade in crypto derivatives in the absence of an appropriate license.

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