Cayman Islands

Featured Cayman Islands

Binance is ‘not capable’ of being effectively supervised: FCA

Binance, the world’s largest cryptocurrency exchange, is “not capable” of being effectively supervised, according to the UK’s financial regulator. The Financial Conduct Authority in an 11-page notice published Wednesday said Binance Markets Limited, a London-based affiliate of Binance, failed to supply further information about its business model and wider… Read More

Binance CEO Says Top Priority Is Hiring More Regulatory Staff

Binance Holdings Ltd. is on a hiring spree to add compliance teams as the company faces U.S. regulatory scrutiny over money laundering and tax evasion. Changpeng “CZ” Zhao, chief executive officer of the world’s biggest crypto exchange, said his No. 1 priority is to hire people with compliance and regulatory… Read More

Cayman’s Butterfield Bank faces lawsuit over account closure

A businesswoman in the Cayman Islands is suing the Bank of Butterfield, claiming breach of contract after she said the bank closed out her accounts, the publication OffshoreAlert is reporting. Representing herself, Sharon Lexa Lamb, who describes herself as a private director, fiduciary, and, trust and estate practitioner, has alleged… Read More
12th August 2021
In an agreement to get released from a Miami federal lockup, a Venezuelan businessman accused of stealing a fortune from foreign government contracts must secure a $50 million bond with luxury properties in South Florida and a vast sum of money from his Swiss bank account. Naman Wakil, who was… Read More
5th August 2021
The Bank of N.T. Butterfield & Son, based in Bermuda, has agreed to pay $5.6 million to resolve a criminal probe by U.S. authorities after admitting it helped hundreds of American clients evade taxes for more than a decade. Between 2001 and 2013, Butterfield helped clients hide assets from… Read More
4th August 2021
UK customers of what has been called the world’s largest crypto exchange are still unable to make ‘fiat’ withdrawals in GBP from their Binance accounts after payment provider Clear Junction announced it would no longer be supporting GBP and EUR payments to Binance in mid July. There have now been… Read More
26th July 2021
Deutsche Bank AG is accused of turning a blind eye to a years-long Ponzi scheme that involved fraudulent investments in Florida, expanding the growing list of legal and compliance headaches for Chief Executive Officer Christian Sewing. Liquidators of two now-bankrupt Cayman Islands investment funds sued the bank in New… Read More
24th June 2021
The owner of a transportation company that hauls gold around the country has been charged in a massive money-laundering case extending from Latin America to South Florida that is still shaking up the precious-metals industry four years after the initial indictment was filed in Miami. Jesus Gabriel Rodriguez Jr., CEO… Read More
21st June 2021
More than five million British banking customers are to be barred from buying cryptocurrencies within days amid concerns that trading platforms are riddled with fraudsters. The Times has learnt that TSB is preparing to block its customers from sending money to trading sites such as Binance and Kraken because it… Read More
8th June 2021
Britain’s exotic network of “Treasure Island” tax havens could be facing the biggest threat to its existence in half a century after the United States and its allies pledged to squeeze more tax out of large, profitable multinational companies. The often distant islands of Britain’s former empire have served as… Read More
17th May 2021
The Cayman Islands Monetary Authority has imposed discretionary fines of $4.23 million on corporate services provider Intertrust for breaches of the Anti-Money Laundering Regulations. It is the largest-ever penalty handed down by the financial regulator for AML failings. The financial regulator said the fines are the result of Intertrust’s “pervasive… Read More
17th May 2021
Binance Holdings Ltd. is under investigation by the Justice Department and Internal Revenue Service, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market. As part of the inquiry, officials who probe money laundering and tax… Read More
14th May 2021
By Sadie Brown, OCCRP, 13 May 2021 OCCRP — Politically influential people made up a significant portion of the clients at an offshore bank in the Isle of Man, according to a Brookings Institute researcher who analyzed data from a breach published by Distributed Denial of… Read More