What always made me curious is why they left Africa when KYC there is not mandatory.
More like they just want to get the authorities out of their asses. Being registered in the Cayman Islands do help a lot escape regulatory pressure, but based on how exchanges in general have been acting recently, it's only a temporary and definitely not a fix-all solution.
The exchanges still left in Africa are no precisely more compliant with authorities than Binance though and all of this exiting from Africa actually happened before all this news about the being closed out in Europe,,, although perhaps there were silent challenges that we as the ex-Africa audience are not able to read. Just like how we do not know 100% of what goes on in China.
Also all these offshore places are being clamped down by the world authorities so much so in future now to do business anywhere having a registration in a place like Cayman Islands will exclude you from licenses.