Binance Faces Regulatory Issues in Cayman Islands, Thailand

Binance Faces Regulatory Issues in Cayman Islands, Thailand

Key Takeaways

The Cayman Island has started a probe against Binance stating that the country is not authorized to operate in the country. 
Thailand’s SEC has also filed a criminal case against Binance for operating a non-licensed exchange. 
Regulators in the U.S., U.K., Signapore, and Japan have all raised similar concerns about the exchange in recent months.

Share this article

The world’s largest crypto exchange has come under fresh scrutiny in Thailand and the Cayman Islands. Binance now faces regulatory challenges in six countries. 

Binance Under Fire Around World

Regulators all around the world are unhappy with Binance. 

The Cayman Islands’ Monetary Authority announced that Binance is not registered under CIMA (Cayman Islands Monetary Authority) Friday, prohibiting the exchange from operating in the country. The financial watchdog said it was investigating the matter related to its operations. 


Founded in China in 2017, the exchange moved its offices to Singapore and Malta after the Chinese government banned exchanges from the mainland. Malta was then believed to be Binance’s home. However, Malta’s authorities shunned that belief last year when it said that Binance is not authorized to operate in the country. It is believed one of the company’s twelve offices was in the Cayman Islands. 

The exchange’s CEO Changpeng Zhao prefers that the company’s identity remains global, and has said many times that the exchange has “no headquarters.”

Meanwhile, Thailand issued a similar directive today, adding a criminal case to its retaliation against Binance. The Securities and Exchange Commission (SEC) in Thailand has charged Binance for operating an unlawful exchange. 

The SEC noted that it broke laws by “operating [a] digital asset business in the category of digital asset exchange without a license.” The owners face a sentence of three to five years and a maximum fine of 500,000 bahts (worth roughly $15,500). The Thai authorities added the case fell through after Binance failed to comply with the authorities on their earlier inquiry notice sent in April 2021.

The concerns surrounding the company in the Cayman Islands and Thailand follow a wave of similar regulatory obstacles for the exchange. Japan and Singapore have taken similar actions against the exchange in the last week.

Both the IRS and Department of Justice launched an investigation into the leading exchange in the U.S. Moreover, the FCA in the U.K. also banned the exchange from offering derivatives, creating an industry-wide fear about a major crackdown on the exchange.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Japanese Regulator Issues Warning to Binance

Japan’s Financial Services Agency has issued a warning against Binance for operating in the country without a license. Binance On Japanese Regulator’s Radar Japan’s Financial Services Agency (FSA) has published a…

Bye Binance: Is CZ On A Regulatory Wild Goose Chase?

Binance is in for a rocky couple of months as it prepares to restrict access to U.S. citizens. Although an American subsidiary is on the way, removing the world’s largest…

Another Binance Smart Chain Project Suffers an Attack

Bogged Finance, a project built on Binance Smart Chain (BSC), faced a malicious attack in which $3 million worth of funds was drained from its liquidity pool on PancakeSwap. The…

What is Polygon (MATIC): Ethereum’s Internet of Blockchains

In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…

Source link


Be the first to comment

Leave a Reply

Your email address will not be published.