certify
Home arrow Article arrow Article Detail

UK financial Regulator FCA says Binance is not capable of being effectively supervised

Profile Image

Rushali Das Follow

INDIA

Aug, 27 2021

Aug, 27 2021

likes | comments 0

Article Image

The FCA, who is responsible for the  U.K. financial markets functioning has ordered Binance, a cryptocurrency exchange platform, to cease carrying out any regulated activity in the U.K.

A supervisory notice was issued by the FCA dated June 25 and made public on Wednesday. According to this notice, the regulator had asked Binance to stop carrying out all the regulated activity in its UK arm. They have also told Binance to display in a prominent place on their official website, binance.com, that they are not permitted to do so. The notice has also demanded an end to any advertising and financial promotions from Binance end in the UK. 

The FCA had said "On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements."

The FCA claims that Binance’s response to its question regarding money laundering and terrorist financing regulations was incomplete and considered that Binance had refused to provide any necessary information in the formal matters.

The regulator also highlights Binance’s incapability of being effectively supervised which would probably expose financial risk to its users by writing “Based upon the firm’s engagement to date, the FCA considers that the firm is not capable of being effectively supervised.”

Binance was authorized to carry out all fruitful activities such as safeguarding, advising and dealing in crypto investments back in April 2018 but unfortunately had to be stopped in now. This incident truly comes as a heads up from all the prominent crypto exchange platforms around the world to maintain utmost transparency with their regulators since it was not willing to share a final draft of its business strategy and plan with the regulatory. 


likes | comments 0

Profile Image

Rushali Das

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
New York Assembly Proposes Adoption of Cryptocurrency for Fines and Tax Payments

The New York State Assembly has proposed a new bill on Jan. 26 aimed at enabling state agencies to receive cryptocurrency as a payment option for fines, taxes, fees, and other state-mandated payments.;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.