Founded in China, banished to Japan and later self-exiled to Malta, Binance today is officially domiciled in the Cayman Islands and, unofficially, headquartered precisely nowhere! The platform lives on the internet and so far has seemed to elude regulators’ attempts to pinpoint exactly how it operates and where.
Today, Binance is the largest exchange in the world in terms of daily trading volume of cryptocurrencies.
Binance has one of the widest selections of alt-coins available on its exchange and even launched its own coin, Binance Coin, which is currently the third most valuable coin by market cap behind only Bitcoin and Ethereum.
However, Binance is facing a growing crackdown on multiple fronts and has been flagged by regulators in multiple jurisdictions.
Every month regulators from different countries reprimand the exchange and its chief executive for operating illegally in their countries, despite consistent warning.
A growing list of regulators have been taking regulatory actions against the cryptocurrency exchange for providing unauthorized investment services in their countries.
For all interested, we update regularly our list of countries that are currently cracking down on Binance. Let us know if we missed any country.
This is the list of countries currently cracking down on Binance (November 6, 21):
- Hong Kong
- Cayman Islands
- South Africa
- South Korea