By: Economic & Finance Report
United Kingdom’s watchdog finance regulatory body (FCA) has indicated Binance, the world’s largest cryptocurrency exchange platform “can not be supervised.” The FCA indicated that Binance can not be supervised effectively because Binance was supposed to offer “regulated activities” to its consumers by June 23, 2021; but has yet to comply with the standards initiated by the FCA. The FCA indicated they have not been notified of any progress on such plans, and the deadline has surpassed.
The FCA now believes that because the regulated activities plan has not been brought forth to the regulatory body; the body has stated that Binance is currently operating unregulated; hence carrying out unregulated financial activities to its customers. Earlier this year the FCA had directed Binance to make clear on their website and platforms that it can no longer operate in the UK and they can not carry out any financial activity in Great Britain and the UK. -SB
Image Credit: Financial Times