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Binance Not Authorised by CIMA to Operate Crypto-Currency Exchange

Archived News Releases
Date: Thu, 01 July 2021

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.

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