The Cayman Islands joins global regulatory attacks against Binance. Is the crypto exchange under attack?
The world’s largest crypto exchange Binance is increasingly coming under fire from regulators. In recent weeks, several other regulators have either issued warnings against Binance or, in the case of Ontario, even shut down operations within their jurisdictions.
Now another negative headline joins the campaign against Binance. Namely, a press release from the Cayman Islands Monetary Authority (CIMA) states that Binance is not registered to operate as a crypto exchange from the British overseas territory.
The Cayman Islands Monetary Authority (the “Authority”) wishes to inform the public that Binance, 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.
Ouch.
Needless to say, the Binance CEO known by the acronym “CZ” is likely up to his neck in trouble. Most importantly, it raises the question: What’s going on?
Binance gets the full broadside
Since last week, a total of four different financial regulators have issued notices related to Binance. Last Friday, the Financial Services Agency (FSA) warned that Binance continues to operate without authorization in Japan.
A similar notice was issued by the Financial Conduct Authority (FCA), in which they announced that Binance is not allowed to engage in regulated activities in the UK.
Last week, Binance issued a statement clarifying that they have withdrawn from Canada’s most populous province due to regulatory requirements.
CIMA’s latest announcement is now yet another blow to the Binance piñata, which appears to be dangling amidst a feisty party of regulators.
It’s no surprise, then, that talk of a campaign against the world’s largest crypto exchange has begun to spread as a result. But the wild speculation on social media surrounding Binance brings to light new problems that could now give the exchange another kicking. As we all know, the devil always shits on the biggest pile, and this one is currently right on CZ’s…
