Thursday, September 16, 2021
HomeNewsBinance refuses to provide information to the FCA by

Binance refuses to provide information to the FCA by – Just a few days ago we reported in the article about possible price manipulation at the cryptocurrency exchange Binance – the world’s largest platform for buying and selling cryptocurrencies such as and. There are at least two class action lawsuits pending against them, which involve hundreds of millions of dollars that investors have lost.

The British financial regulator FCA had already warned British consumers in June that the services offered on are not subject to any regulation and should therefore be treated with the greatest caution.

The current developments around money laundering and the lack of consumer protection at Binance have now prompted the FCA to speak up again.

The FCA says that Binance offers “complex and high-risk financial products”. In connection with the lack of regulation, the financial supervisory authority explicitly demands that it must be clear on the Binance platform and all social media channels that “Binance Market Limited is not allowed to offer any services that require regulation in Great Britain.”

It was also found that there was a lack of information on the final business plan and a strategy to effectively prevent money laundering and terrorist financing.

“The FCA believes that the company’s responses to some questions amounted to a refusal to provide information.”

Ultimately, the FCA came to the sad conclusion that the world’s largest cryptocurrency exchange “cannot be effectively supervised”.

From Marco Oehrl

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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