The UK financial regulator has conceded it is “not capable” of properly supervising Binance despite the “significant risk” posed by the cryptocurrency exchange’s products, which allow consumers to take supercharged bets.
In a supervisory notice two months after starting a crackdown on the exchange, the Financial Conduct Authority — one of the most influential financial watchdogs in the world — repeated its grave concerns over Binance’s governance and products.
But it added that Binance’s UK affiliate had “refused” to respond to some of its basic queries, leaving it with few avenues to oversee the sprawling group, which has no fixed headquarters yet offers its services around the world.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn