It’s now Cayman Island’s turn to investigate Binance 

It appears that Binance’s legal battles aren’t ending just yet. This time, the Cayman Islands Monetary Authority will investigate the crypto exchange giant for its unauthorized operations in the British territory. 

The regulatory body is currently in the process of evaluating if Binance’s activities in the country are covered by its authority. Cayman Islands is the latest government to investigate Binance for allegedly operating without any proper and sufficient licenses.

Recently, Japan, UK, Germany, Canada, and Singapore have launched their own investigations on Binance because of the alleged violations of the crypto exchange company on their respective laws. 

A closer look at the Cayman Islands

Aside from its beautiful scenery, one other thing that everybody loves about Cayman Islands, especially the corporate elites, is its lack of corporate tax (literally zero), earning it the nickname “tax haven.” 

That’s why multinational corporations put up their subsidiaries in the Cayman Islands to redirect their sales in the country which enables them to pay zero taxes worth millions of dollars. 

The country provides offshore banking services, not only on foreign businesses but also to individuals to protect them from their country’s taxes.

The residents of Cayman Islands don’t pay any taxes, too. They are not required to pay income taxes, property taxes, capital gain taxes, payroll taxes, and even withholding taxes. Zero. 

Binance’s presence in Cayman

It was reported last year that Binance has established its headquarters in the tax-neutral country, but Binance chief executive officer Changpeng Zhao hasn’t revealed the property’s exact location. 

Previously, Malta was considered as the crypto exchange giant’s center of operations, but authorities later found that Binance is not licensed to operate in the country. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/bitcoin/its-now-cayman-islands-turn-to-investigate-binance/