UK Financial Conduct Authority blasts Binance saying it is ‘not capable’ of properly supervising crypto exchange despite ‘significant risk’ - AML Intelligence
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UK Financial Conduct Authority blasts Binance saying it is ‘not capable’ of properly supervising crypto exchange despite ‘significant risk’

By Elizabeth Hearst for AMLi

The UK’s Financial Conduct Authority (FCA) has said it is “not capable” of properly supervising Binance, despite the “significant risk” its products pose. 

In an 11-page notice published Wednesday, the FCA said Binance UK had “failed to respond adequately” to the FCA’s requirements including a refusal to “answer questions about the wider global business model”, refusal or inability to to provide “information about wider products offered via Binance”, and failure to answer “questions about Binance Stock Tokens”. 

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