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0 pointsneokantian6y ago0 comments

I recently run into this jewel: https://www.gate.io/page/contacts

Mail: PO Box 2804, Grand Cayman KY1-1112 , Cayman Island.

I don't think anybody involved with the site has ever been to Grand Cayman. Apparently, they process 10 BTC/USDT transactions per minute; and that is just one of the hundred trading pairs.

Who can claim jurisdiction over that site? Maybe Grand Cayman, but when push comes to shove, I suspect that they won't be interested either.

0 comments

toyg6y ago

Cayman Islands is a British Overseas Territory. Technically, the installed Governor could shut anything down at his wish. In practice it’s unlikely to happen, because (like with many British constitutional matters...) both the locals and the UK have an interest into maintaining a degree of ambiguity in current arrangements.

This said, when the UK government is fully convinced that Caymans “should jump”, they eventually jump.

Havoc6y ago

>both the locals and the UK have an interest into maintaining a degree of ambiguity in current arrangements.

Interesting take on overseas territories. Fuzzy sure, but it never occurred to me that it's intentional

toyg6y ago

- provides plausible deniability for unpopular or suspicious measures at both ends

- keeps open the option of direct subsidies and favourable treatment for Cayman. I believe most BOTs are not financially self-sufficient, including Caymans.

- keeps open the option of UK re-taking direct control in some circumstances (military requirements, oil discoveries etc).

- maintains substantial independence in practice.

For small territories, BOT arrangements provide the best of both worlds, at the low low price of occasionally bowing to UK authorities.

chippy6y ago

Are they based in Austria?

j / k navigate · click thread line to collapse

0 pointsneokantian6y ago0 comments

I recently run into this jewel: https://www.gate.io/page/contacts

Mail: PO Box 2804, Grand Cayman KY1-1112 , Cayman Island.

I don't think anybody involved with the site has ever been to Grand Cayman. Apparently, they process 10 BTC/USDT transactions per minute; and that is just one of the hundred trading pairs.

Who can claim jurisdiction over that site? Maybe Grand Cayman, but when push comes to shove, I suspect that they won't be interested either.

0 comments

toyg6y ago

This said, when the UK government is fully convinced that Caymans “should jump”, they eventually jump.

Havoc6y ago

>both the locals and the UK have an interest into maintaining a degree of ambiguity in current arrangements.

Interesting take on overseas territories. Fuzzy sure, but it never occurred to me that it's intentional

toyg6y ago

- provides plausible deniability for unpopular or suspicious measures at both ends

- keeps open the option of direct subsidies and favourable treatment for Cayman. I believe most BOTs are not financially self-sufficient, including Caymans.

- keeps open the option of UK re-taking direct control in some circumstances (military requirements, oil discoveries etc).

- maintains substantial independence in practice.

For small territories, BOT arrangements provide the best of both worlds, at the low low price of occasionally bowing to UK authorities.

chippy6y ago

Are they based in Austria?

j / k navigate · click thread line to collapse