UK regulator: We cannot properly supervise Binance
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Answer UK regulator: We cannot properly supervise Binance
Referring to Binance which is the largest cryptocurrency trading platform in the world, the UK financial regulator stated:
Based on the company’s participation so far.
The FCA considers it unable to effectively supervise Binance.
Yesterday, August 25, mentioned Reuters reported that the UK regulator is concerned about Binance’s global reach, and the range of products it offers, which are considered too risky, and added:
This is of particular concern in the context of the company’s membership in a global group that offers complex and high-risk financial products, which pose a significant risk to consumers.
Binance is still under the watchful eye of regulators:
Last June, the FCA banned any regulated activity in the UK and imposed several requirements on Binance.
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Later that month, Binance responded saying that nothing had changed because “Binance Markets Limited” is not the entity that offers crypto derivatives in the UK.
Therefore, the FCA rules do not apply to the entire group of global Binance companies that are outside its reach (the Binance group contains many Binance subsidiaries under different names).
As reported by Reuters, a spokesperson for Binance stated that “Binance Markets Limited” has fully complied with all the requirements of the regulator, and continues to engage with the FCA to resolve any outstanding issues that may exist. The same spokesperson added:
As the cryptocurrency ecosystem industry continues to grow and evolve, we are committed to working with regulators and policy makers to develop policies that protect consumers, encourage innovation, and move our industry forward.
As we noted in several previous articles on Arab Bitcoin, Binance is already trying to comply with regulations within the UK jurisdictions, but now all eyes are on the company in the Cayman Islands.
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