Cayman Islands and Singapore Authorities Are Investigating Binance
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The Cayman Islands Monetary Authority (CIMA) has declared that crypto exchange Binance and its associated companies Binance Group and Binance Holdings Limited are not registered in the jurisdiction. The regulator's notice states:

"The Authority is currently investigating whether Binance, the Binance Group, Binance Holdings Limited or any other company affiliated with this group of companies has any activities operating in or from within the Cayman Islands which may fall within the scope of the Authority’s regulatory oversight."

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CIMA representatives have reminded that in order to carry out cryptocurrency activities, companies must comply with the Virtual Assets Law. In November 2020, the authorities proposed to adapt the document to the requirements of the Financial Action Task Force on Money Laundering (FATF).

In addition, the Monetary Authority of Singapore (MAS) has announced it will monitor the subsidiary of local exchange Binance Asia Services Pte. According to Bloomberg, the company enjoys a grace period while the regulator considers its license application. The MAS said:

"We are aware of actions taken by other regulators in relation to Binance and will take appropriate action."

In June, Japan's Financial Services Agency issued a warning to Binance for operating without a license in the country. Later, the British regulator banned the exchange's local branch from operating in the country. The company has said in this regard Binance Markets Limited is a separate legal entity that does not offer any services through the website mentioned by the agency.

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