FCA Said Binance Had Complied With Its Requirements, But Was ‘Not Capable’ of Being Supervised
4 min ago•1 min read•Regulation
The U.K.’s Financial Conduct Authority (FCA), which in June determined that crypto exchange Binance was “not capable of being effectively supervised,” today said the company had complied with the requirements it imposed.
In a supervisory notice dated June 25 and made public Wednesday, the regulator required that Binance's U.K. arm not carry out any regulated activity and for the www.binance.com website to display in a prominent place that it is not permitted to do so. It also demanded an end to advertising and financial promotions. In an update to a release published at the time, the FCA said: "On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements." In the supervisory notice, the FCA said it deemed the firm's responses to questions as incomplete, and considered that it had refused to provide necessary information pertaining to formal requirements under money laundering and terrorist financing regulations. The regulator's notice to Binance in June was one of the first of a string of warnings from regulators and other bodies around the world, which has led to the world's largest crypto exchange attempting to become more proactive in its regulatory and compliance requirements.