We do however, have entities incorporated under the laws of the Cayman Islands performing activities that are permitted by law and not related to operating crypto-exchange trading activities," a Binance spokesperson told The Block in a statement, adding, "We will work with regulators to address any questions they may have." A call for more transparency " has always operated in a decentralized manner. While the exchange has entities in multiple offshore locations, it has now stated that its Cayman Islands entity isn't being used to carry out exchange activities - following a statement last week by the Cayman Islands Monetary Authority (CIMA), which said the exchange was not licensed to offer crypto services. It hasn't revealed which entities it uses to carry out exchange activities, where those entities are based and if they are regulated there. The exchange, which was founded in 2017, was initially based in China, but following an increase in crypto regulation, moved initially to Japan, then Malta, before decamping and calling itself "decentralized" with no headquarters. Last week, Thailand’s Securities and Exchange Commision (SEC) announced it had filed a criminal complaint against the exchange for unregistered operations. On June 26, the exchange announced it would no longer serve Ontario-based users after the Ontario Securities Commission began taking legal action against unregistered exchanges. On June 25, Japan’s Financial Services Agency (FSA) issued a second warning against the exchange, saying it is still operating in the country without registration. Internal Revenue Service as well as the Department of Justice. In mid-May, it was reported that the exchange was facing an investigation by the U.S. is the latest in a growing list of countries that have accused the crypto exchange of not having the authorization to undertake regulated activity. “The Binance Group appear to be offering UK customers a range of products and services via a website, .” Binance in more hot water authorization, registration or license to conduct regulated activity in the U.K.,” the regulatory body said in a statement. ![]() ![]() “No other entity in the Binance Group holds any form of U.K. The announcement comes nearly two weeks after the Financial Conduct Authority (FCA) said Binance Markets Limited was not authorized to carry out crypto operations in the U.K. “It’s our responsibility to help protect your money,” the London-based bank’s support page tweeted on Monday, adding, " With this in mind we’ve taken the decision to stop payments made by credit/debit card to Binance until further notice, to help keep your money safe." customers can no longer transfer funds to Binance, after the bank banned any payments made by credit or debit card to the exchange until further notice.
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