One of the biggest crypto exchange of the globe is now being investigated in Cayman Island and Thailand. The announcement was made by the Cayman Islands Monetary Authority stating that Binance is not anymore authorised to do the business in jurisdiction. On 3rd July, the announcement was made by the authority since Binance has been facing some trouble to improve the attention from regulators

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The issue that has been going on: 

The Securities and Exchange Commission of Thailand has filed the complaint against the Binance for the division of Royal Thai Police to operate the digital asset business in the country. This operation is being done without the license in the territory. 

As per The Cayman Islands Monetary Authority (CIMA), ‘Binance, the Binance Group and Binance Holdings Limited are not “registered, licensed, regulated or otherwise authorized” to operate as a crypto exchange “from or within” the Cayman Islands. 

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The problem of grabbing the attention from the Thailand and Cayman Islands regulators over some time has increased for Binance. It has however now become the latest nation that has been weighing in to deal on the latest cryptocurrency exchange. 

Further the primary financial services regulator of the Cayman Islands also added that investigation is being carried out to understand whether Binance, Binance Group or Binance Holdings Limited are following the authority guidelines or not. 

The regulatory struggles of Binance: 

It is not just the Thailand or the Cayman Island but also Binance has been probed by different regulatory agencies in the United States. This includes the Commodity Futures Trading Commission and Justice Department. Besides, the warning has even been raised by Japan’s Financial Services agency when it was found that Binance has been offering crypto services without registration.