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The largest crypto-asset broker by trade size, Finance faces problems with regulators in various countries. The company, led by Zhangpeng Zhao (CZ), is now facing problems in Thailand, Singapore and the Cayman Islands after a partial blockade of its operations in the UK last week and a warning from authorities in Japan.
In the British-occupied Caribbean, the Cayman Islands Monetary Authority (CIMA) has stated that cryptocurrency brokerage is not registered in its jurisdiction and that it is investigating the company.
“The Commission is investigating whether Finance, the Finance Group, Finance Holdings Ltd. or any other affiliates affiliated with these companies are carrying out any activities that may come under the regulatory supervision of the Cayman Islands,” the CIMA said in a statement.
In a note sent to EXAME, Finance states that it “always operates in a decentralized manner”: “Finance.com did not enable a cryptoactive transaction in the Cayman Islands, which was published incorrectly in some press vehicles. We have incorporated the companies under the laws of the Cayman Islands and we will work with the regulators to resolve any concerns they may have. “
At the same time, the Regulatory Authority of Singapore (MAS), which represents the Central Bank of the Small Asian Islands, said it was monitoring the regulatory growth of Finance Holdings Limited and would “closely monitor” the local subsidiary. Finance Asia Services B.D.
Currently, according to MAS, Accounting has a “trial” period, while the Autonomous License is reviewing its license application: “We are aware of the actions of other regulators regarding accounting and will take appropriate action,” the company said. This is one of the strictest rules regarding cryptocurrencies in the world.
In Thailand, the dispute between the country’s regulators and the company is already at an advanced stage. The country, which recently banned many digital assets such as cryptocurrencies, NFTs and fan tokens, has filed a criminal complaint against the operation of finance, claiming that the Local Securities and Exchange Commission (SEC) operates in the country without any license.
According to the agency, Finance “failed to respond in a timely manner due to prior notice” and the company advertised its products specifically to Thai authorities through its official website and Facebook page, which means the company operates in the country. Without authorization.
“Only providers with appropriate licenses can provide services related to digital assets, trade, deposits, transfers, withdrawals or any transactions related to digital assets,” Thai SEC said in a statement.
The company has not yet commented on the situation in Singapore and Thailand, which went public on Friday morning.
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