August 25, 2021, | AtoZ Markets–The UK watchdog, Financial Conduct Authority (FCA), said today that Binance Markets Limited, a subsidiary company of Binance, has complied with operational regulatory requirements. On 25 June 2021, the FCA imposed requirements on Binance Markets Limited, to date have already been covered, the FCA declared.
Binance and Its Relationship with Regulators
Binance has suffered in recent months strong signals from some regulators globally. Meanwhile, the UK watchdog was one of the first to point out Binance’s failures in the country. After that, many other regulators joined in the warnings against the company.
While most of the warnings were limited to mentioning to investors about Binance’s unregulated trading. Some of them went further and took enforcement action.
The regulator in Thailand filed a criminal complaint against the cryptocurrency exchange for operating in the country. While in Malaysia the company was given an ultimatum to leave the country.
Likewise, several European regulators showed their dissatisfaction with the fulfillment of Binance’s derivatives offers.
What does the FCA statement say?
Consumer warning on Binance Markets Limited and Binance Group was issued by the FCA on the 25th, June 2021. Today, the FCA issued an update on this. This said:
25 August 2021 update
On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements. See our Supervisory Notice. See the FCA Register for any requirements that apply to the firm.
Meanwhile, the CEO of Binance admitted that dealing with regulators had not been a “strong point” of the company, so he took more drastic measures to meet the needs of each country.
The exchange withdrew from Malaysia before the deadline, and also stopped offering derivatives in many markets such as Hong Kong, Australia, Germany, Italy, and the Netherlands.
In addition, the company also stopped offering stock token services entirely in some places in Europe. Although in its latest update, the British regulator said that the exchange already complies with the rules, but did not specify any details about it.
For its part, Binance also stepped up its compliance efforts by hiring several former government and regulatory officials in senior positions.