The UK's Financial Conduct Authority (FCA) has admitted that it is unable to supervise the operations of Binance Holdings Ltd. In the UK, which led the authority to crack down on the cryptocurrency trading company.
According to Arabianet, Binance has failed to provide sufficient information to the FCA about its business operations, company structure, and the ways in which individual dealers use its products, according to a notice from the regulator. It was dated June 25 and was released on Wednesday.
The regulator said in the notice: This is a particular concern in the context of the company's membership in a global group that offers complex and high-risk financial products that pose a significant risk to consumers. The Financial Conduct Authority (FCA) has also asked the company to remove all advertising and financial promotion, according to the Financial Times and seen by Al Arabiya.net.
Binance, which was founded in 2017 and has expanded rapidly in an environment with few regulations, has come under scrutiny in recent months from officials in countries such as the US, UK and Thailand Malaysia and Japan.
The Financial Conduct Authority (FCA) warned consumers last June that its subsidiary, Binance Markets, was not allowed to conduct any regulated activity in the kingdom. United.
Binance said in a statement: "Binance Markets has fully complied with all aspects of the FCA requirements." We continue to work with the Financial Conduct Authority to resolve any outstanding issues that may exist. 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.
