Cayman Islands Regulator Will Take Action On Binance

Binance will face another action by Cayman Islands monetary regulators Along With SEC. Allegations On Binance is to operate their business in illegal ways.

Binance, A largest Cryptocurrency exchange by volume, in these days facing lots of legality issues by many countries authorities. 

In the present time, Thailand’s Securities and Exchange Commission (SEC) and the Cayman Islands Monetary Authority are coming together to hit Binance with their new regulation laws.

SEC announced on Friday that the Regulatory Agency of thilands filed a case against Binance under a criminal offense. According to the agency Binance is operating their business of Cryptocurrency services without any License or permission.

They filed a case to investigate Binance for their criminal activities.

The allegations by Authority is not based on running Cryptocurrency business without permission but also they said

“matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement.”

Due to these enquiry issues, Binanace reported to their Thailand users  to use their services. And remain careful to violate any laws and also they should follow the rules of their country.

Regulatory authorities claimed that Binance exchange was issued in April to response against their issues within specific time interval. But Binance didn’t responded yet.

And also the regulation agency said”, only those providers will be allowed to operate their services, which will follow rules and regulations & also they should have full license to operate their business in Thailand. Otherwise non- permissible exchanges will face a penalty for violation of laws.

Cayman’s CIMA announced by Thursday Binance, the Binance Group and Binance Holdings are “not registered, licensed, regulated or otherwise authorized and will be investigated. And also those Binance affiliated exchanges will also face the same penalty.

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