FCA 'not capable' of effectively supervising crypto exchange Binance

Under fire for AML reporting breaches

Anna Fedorova
clock • 2 min read

The Financial Conduct Authority (FCA) has issued a damning statement saying that it is “not capable” of effectively supervising the world’s largest cryptocurrency exchange Binance, while reiterating the risk its products could pose to consumers.

Binance has been under pressure from global regulators over recent weeks, with the FCA deciding to ban the centralised exchange from conducting all regulated activity in the UK back in June for failing to report in line with its anti-money laundering regulation. In a document published on Wednesday (25 August), the UK financial watchdog expanded on the reasons for imposing stringent requirements on the crypto exchange, which include placing a notice on its website stating that it is not permitted to conducted any regulated activity in the UK, removing any advertising and financial promot...

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