Giambrone & Partners was delighted to obtain the restoration of our client's funds in the sum of £37,000 in a complex case involving a fraudulent investment broker and two cryptocurrency trading platforms.

Our highly experienced lawyers in the banking and financial fraud litigation team using a novel strategy have obtained the return of our client's money lost in an investment scam that utilised unregulated cryptocurrency platforms. 

Giambrone & Partners has subsequently learned that following the Financial Conduct Authority (FCA) warning that Binance and its subsidiaries based in the Cayman Islands are not regulated in the UK, that the Cayman Islands Monetary Authority (CIMA) has announced that Binance is not regulated in the Cayman Islands to operate cryptocurrency products.

Organisations operating virtual assets out of the Cayman Islands must adhere to  Virtual Asset (Service Providers) Act, 2020 to be able to offer virtual asset services or custodian services.  Binance has issued a statement saying that it is working with the regulators.  This is the fifth time a country's regulators have warned Binance that its activities were not regulated or licensed to operate.

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