The UK Financial Supervisory Authority (FCA) today announced that the Binance cryptocurrency exchange has ensured compliance with all previously put forward requirements. At the same time, the department considers it impossible to regulate the company's activities.
"On June 25, the FCA filed claims against Binance Markets Limited. The company has fulfilled all the requirements, " the report says.
In June, the FCA announced that Binance is not allowed to engage in regulated activities in the jurisdiction under its control. After that, regulators from several other countries also paid attention to the exchange and issued warnings about its lack of official permits.
The British regulator, in particular, demanded that the exchange not engage in regulated activity without its written consent, posted a warning about its lack of a license on its website, as well as stopped advertising events and stored the data of British customers in the country.
Together with today's announcement, the full text of the document dated June 25 was published.
"Based on the interaction with the firm that has taken place up to today, the FCA concludes that the firm cannot be effectively regulated. This is of particular concern in the context of the firm's participation in a global group offering complex and high — risk financial products that carry significant risks for consumers," it says.
According to the FCA, the British division of Binance "refused" to respond to basic requests for information, including about "trade names and functions performed by all entities in the group at the global level." The regulator also noted that the British division of Binance does not have approved managers.
Despite the ambiguous statement of the FCA, Binance CEO Changpeng Zhao described it as a"positive movement".
"As the FCA notes, Binance Markets Limited has fully complied with all aspects of the requirements. We continue to work with the FCA to resolve current issues that may exist, " the company noted.