UK assumes it cannot supervise Binance

The dispute between the UK regulator, known as theFinancial Conduct Authority

(FCA), and the bitcoin (BTC) and cryptocurrency exchange, Binance, seems not to be over.

The FCA issued a statement

in which they assure that the company “complied with all aspects of the requirements” requested by the agency. However, in the same statement they state that Binance “is not yet able to conduct regulated business in the UK”.

They acknowledge

that this global exchange “cannot be effectively supervised”. The FCA has particular concerns about the “complex financial products” offered by Binance, which represent a “significant risk to consumers”, according to the financial authority.

In that regard, the regulator alleges, among other things, that Binance refused to answer some questions. In another case, it gave incomplete information or an explicit refusal.

The FCA detailed that the company did not provide information on how the business and the group are organized. Nor did it explain which routes UK consumers can use to buy products; and finally, it did not identify the legal entity behind the website www.binance.com.

Some of the regulated products offered by Binance that generate annoyance to the UK authority are cryptocurrency futures trading, and stock tokens. Additionally, they explained in the document that the company did not give “trade names and functions for all entities in the group globally.”

For its part, a Binance spokesperson reiterated

to Reuters, that they have complied with the FCA’s demands and are willing to continue collaborating with them. prohibiciones operaciones criptomonedas binance países prohibiciones operaciones criptomonedas binance países As well as in the UK, Binance is facing regulatory bodies in countries such as Thailand, Cayman Islands, Italy, Japan and Malaysia. Composition by CryptoNews.

“As the cryptocurrency ecosystem industry continues to grow and evolve, we are committed to working with regulators and lawmakers to develop policies that protect consumers, encourage innovation and advance our industry,” the spokesperson added.

Binance-U.K. standoff

Last June, CryptoNews<a href=”https://www.criptonoticias.com/regulacion/regulador-britanico-prohibe-operaciones-binance-reino-unido/”

target=”_blank” rel=”noopener”> reported that the UK banned Binance from offering certain regulated financial products under the orbit of the FCA, for example, futures trading.

Theexchangefounded in 2017, after the ban, assured that it would adopt a “collaborative approach” to work based on that country’s legislation.

Restrictions haunt Binance

Regulators in several countries have given Binance no respite. In early July, this media outlet reported that the exchange was facing regulatory difficulties in several countries including the United Kingdom, Singapore, Thailand, Cayman Islands, Japan and Malaysia. Then Italy, China and most recently Chile joined in.

The pressure on Binance has caused them to search for a person with more experience in regulatory issues to fill the position of CEO, possibly in response to the obstacles they have faced from different government agencies in many countries.