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Cayman Islands authorities are investigating Bainance’s activities on the island; Where is Bainance Headquarters?

The media recently reported that Bainance has registered a holding company in the Cayman Islands and intends to set up an exchange office in the country. However, the Cayman Islands Finance Agency (CIMA) said that, contrary to media reports about Bainance’s legal activities in the country, the exchange had not received the necessary permits from Cayman Islands regulators.

to the the report The Block, the UK-based Cayman Islands Finance Corporation, said on Friday it was announcing that Bainance and none of its affiliates were allowed to set up digital currency exchanges within the UK. And they can not provide services to the citizens of this country from outside the Cayman Islands.

The Cayman Islands Financial Services Authority said without charge to Bainance:

Officials have recently investigated whether Bainance, Bainance Group, Bainance Holding or affiliated groups operate in the Cayman Islands under the auspices of regulators. [یا خیر].

A Bainance spokesman also said in a statement:

Bainance Exchange has always operated in a decentralized manner. As has been erroneously reported in some media outlets, Bainance has never set up an exchange office in the Cayman Islands.

Bainance spokesman added:

However institutions [در این کشور] We have those that operate under the laws of the Cayman Islands and have legal licenses, but their activities have nothing to do with digital currency exchanges. We work with regulators to answer any questions they may have.

According to the Cayman Islands Business Records Review System, a company called Binance Holdings Limited has been registered in the country.

Cayman Islands authorities are investigating Bainance's activities on the island;  Where is Bainance Headquarters?
Image related to the name of Holding Bainance in the Cayman Islands Jobs Review System

The Cayman Islands Finance Agency has said that if a company from inside or outside the country wants to set up a digital currency exchange in their territory, it must meet one of the two conditions.

According to these two conditions, either their activity must be in accordance with the law on virtual property service providers or they must be exempted from obtaining licenses related to this law by the Cayman Islands Finance Organization.

According to local media reports, the law on virtual asset service providers was adopted by the country’s finance agency on January 31, and the second phase of the law, which is expected to take effect, was implemented last month. This step includes licensing and precautionary monitoring.

The Cayman Islands Finance Agency’s message came after the Singapore Financial Supervision Authority announced that it should review the case for the license of Bainance Asia, a subsidiary of Bainance, as its main body, Bainance Holding, The magnifying glass is located on regulatory bodies around the world.

Last week, the UK Treasury also issued a statement banning Bainance from operating in the country, although it does not appear to have had any effect on Bainance’s exchange services to its British customers. However, this incident showed that the controlling institutions have very little control over the activities of this exchange.

Bainance also announced last month that it would suspend operations in Ontario, Canada, due to bans imposed by Ontario regulators, and called on Ontario users to close all transactions by December 31. D) to finish.

Japan Financial Services warned last month that Bainance was providing services to the Japanese people without the necessary permits or approval from its financial supervisors and should stop doing so.

Reacting to a warning from Japanese officials, Bainance said he had not been active in Japan recently and had not invited Japanese users to the exchange. However, Bainance officials declined to comment on whether, by default, Japanese users are allowed to visit and trade at the exchange.

Bainance was questioned by the U.S. Department of Homeland Security and the Department of Justice in May, and was further investigated by the U.S. Commodity Futures Trading Commission. So far, however, US government agencies have not charged Binance with illegal activity.


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