Binance has been investigated in two countries. A review has been launched on Binance, the world’s largest cryptocurrency exchange in terms of trading volume, by the regulators of both the Cayman Islands and Singapore.
The Financial Conduct Authority in the United Kingdom announced on June 28 that Binance Holdings Limited would not be able to operate in a regulated manner in the country.
Binance, which was warned by Japan’s regulator before that and announced that its users residing in the Canadian province of Ontario must close their positions until December 2021, began to be examined in the Cayman Islands and Singapore, one after the other today.
Investigation launched in Cayman Islands
- CIMA, the regulator of the Cayman Islands; Contrary to the statements in the media, Binance announced that Binance Group and Binance Holdings Limited are not under its control.
- A crypto company wishing to operate in the Cayman Islands must either be registered or licensed under the Digital Asset (Service Providers) Act 2020, or be an already regulated company and obtain permission from the competent authority to provide crypto services.
- CIMA stressed that it will examine whether Binance, Binance Group or Binnce Holdings Limited operate in the Cayman Islands in a manner that needs to be regulated.
Founded in Shanghai and leaving China in 2017, Binance had its way to countries such as Japan and Malta, as well as to the Cayman Islands.
Binance Holdings Limited registered in George Town, the capital of the Cayman Islands, in 2017 and used that address to patent some of the logos in 2018.
Singapore starts following Binance
- In order to be active in the Singapore market, Binance acquired Binance Asia Services, Binance Markets Ltd. applied for a license to the Central Bank of Singapore (MAS) through a company not affiliated with
- Binance, which has not yet received a license, is temporarily allowed to serve in Singapore, as its application is still under evaluation, just like other crypto money companies.
- According to Bloomberg’s report, the Central Bank of Singapore, referring to the recent events, said, “We are aware of the decisions taken by other regulators against Binance and will follow the matter appropriately.” made a statement.
- Binance said in a statement from Singapore, “It’s important to note that we take a collaborative stance when working with regulators and take our legal compliance obligations very seriously.” replied.
The whereabouts of Binance’s head office, which is registered under different names in different countries, is unknown.Binance CEO Changpeng Zhao made the following statement at a summit organized by Decrypt this year:
“When most people think of a company, they think of a headquarters, an office, a bank account, registration, etc. But today it’s probably possible to run an organization without any of that. […] I have worked from home for the past three and a half years and again traveled the world for the past three and a half years. Our executive staff does not sit in a single office, there is no place for executives to congregate, which many would call a ‘centre’.”