Originally Posted by
mr noble
Hmmmm. It’s certainly an interesting one.
I was thinking it seemed odd all along as you’d imagine that even the crappiest company would send email notifications to their users to warn them of major changes to the use of their services. No such email arrived from them at all, and I could see not changes on my system, and had a friend say he’d made a withdrawal and a new deposit just as usual.
Made me think it’s was all just more FUD.
You know, Binance is OK because they operate in the Grand Caymans and everything is in order over there. Lax regulator, everything goes, right?
Maybe no longer:
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 authorised by the Authority to operate a crypto-currency exchange from or within the Cayman Islands.
Following recent press reports that have referred to Binance, the Binance Group and Binance Holdings Limited as being a crypto-currency company operating an exchange based in the Cayman Islands, the Authority reiterates that Binance, the Binance Group or Binance Holdings Limited are not subject to any regulatory oversight by the Authority.
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.
Any company incorporated under the Cayman Islands Companies Act, 2020 or otherwise established or registered in the Cayman Islands that provides virtual asset services or custodian services as a business or in the course of business, in or from within the Islands must either be: (i) registered or licensed in accordance with the Virtual Asset (Service Providers) Act, 2020 (“VASPA”); or (ii) an existing regulated entity that has been granted a waiver by the Authority under the VASPA.
LINKY
In case they are running in trouble in the Caymans, they still got Singapore. Oh, wait:
The Monetary Authority of Singapore (MAS), the country’s financial regulator and central bank, said it is closely watching the regulatory developments surrounding Binance Holdings Ltd. The country’s financial watchdog is expected to “follow up” with the company’s local subsidiary Binance Asia Services Pte., Bloomberg reported Wednesday. The subsidiary has a grace period while it awaits a review of its license application. Binance, in an emailed response to a Coindesk query, said it doesn’t comment on its communications and engagement with regulators.
The move comes hot on the heels of Binance’s showdown last week with U.K. regulators over whether the exchange business had regulatory blessings to operate in the country. Japan had issued a similar notice the day before warning Binance was not registered to do business within the country. Sterling withdrawals from the crypto business’ platform have been reactivated and users are once again able to buy digital coins with debit and credit cards. Singapore, meanwhile, has some of the toughest cryptocurrency regulations in the world. In 2019 the city state passed its Payment Services Act which mandated digital asset service providers must receive licensure from the state.
LINKY