Binance is being reviewed by the Cayman Islands regulator.

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The Cayman Islands Monetary Authority claims that Binance, the largest cryptocurrency exchange by reported trading volume, is not authorized to operate from the Cayman Islands, according to a recently released public statement. The regulator is currently investigating whether there are any activities that fall within the scope of the trading platform’s oversight.

The Cayman Islands have now joined the UK, Singapore, Japan, Germany and Canada in the growing list of jurisdictions with Binance as their target. British overseas territories are known as one of the world’s largest tax havens. According to a recent report by PwC, it is the most popular destination for cryptocurrency hedge funds (along with the US).

According to information in The Block, the Cayman Islands Monetary Authority (CIMA) said that despite media reports of Binance being included in the region, it has not been granted a license by the regulator to operate a crypto exchange from or within the Islands. In an announcement released Friday, CIMA told the public that neither Binance, Binance Group or Binance Holdings Limited are from British overseas territories or under regulatory oversight to operate a crypto exchange on that territory.

“The Authority is currently investigating whether Binance, Binance Group, Binance Holdings Limited, or any other company affiliated with this group of companies has any activities operating in or within the Cayman Islands that may fall under the Authority’s regulatory oversight.”

CIMA made a statement but made no charges regarding possible misconduct.

Last year, multiple media reports indicated that Binance had a headquarters in the Cayman Islands. However, CEO Changpeng Zhao is reluctant to reveal where the exchange actually is, claiming that the exchange has no headquarters.

Malta was considered the home of Binance until the country confirmed that the exchange was not licensed to operate there last February.