Binance Reaches Compliance with UK Regulators but FCA is Unable to Supervise

The United Kingdom’s financial regulator has found that Binance now complies with all previously stated requirements - but nothing has changed.

By
Dardania Havolli
on
August 26, 2021
Category:
BSC News

Binance In Line

An update to the first supervisory notice published on the 25th of June by the UK’s Financial Conduct Authority (FCA) confirmed that Binance has complied with all Financial Conduct requirements.

The update, published on the 25th of August, has confirmed that Binance’s UK arm has responded and met all the requirements from the supervisory notice.

“On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements,” the update revealed.

Regulators in the United Kingdom have taken a sharp stance toward Binance, the world’s largest crypto exchange. With massive growth comes scrutiny and it is only natural for the regulation to catch up with growth. 


Source

Unable to Supervise

In the supervisory notice published by the FCA, they explain that effective supervision of Binance and its activities is necessary, and that this has thus far not been possible.

“Based upon the Firm’s engagement to date, the FCA considers that the Firm is not capable of being effectively supervised,” The supervisory notice continues. “This is of particular concern in the context of the Firm’s membership of a global Group which offers complex and high-risk financial products, which pose a significant risk to consumers. “
Source

The Financial Conduct Authority’s initial notice came not long after a host of other measures taken by different countries that them close their futures and derivative product offerings. Binance laid out a response to regulatory measures being taken, agreeing to target and combat the relevant issues.

The FCA’s announcement will definitely signal progress as Binance continues in its attempts to comply with the relevant bodies. Announcements like the recent Dutch Central Bank’s warning of illegal activity will likely inspire yet more work for the Binance team to make sure they are in line and receiving more responses like that of the UK’s FCA. 

Don’t forget to download the BSC.News mobile application on iOS and Android to keep up with all the latest news for Binance Smart Chain and crypto!

Tags:
Dardania Havolli

Dardania is an experienced researcher, editor and writer who is currently completing his PhD in Creative Writing. He is passionate about blockchain technology and the impact it will go on to have on our lives.

Text Link

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. Aenean faucibus nibh et justo cursus id rutrum lorem imperdiet. Nunc ut sem vitae risus tristique posuere.