Anti-Financial Crime & Financial Crime Compliance
Leadership | Insight | Network

Compliance, Crypto

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”. 

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!