Two months after filing a complaint against Binance, the UK’s Financial Conduct Authority provided an update stating that the popular exchange had been cleared.
The Financial Conduct Authority of the United Kingdom has resolved all outstanding issues with Binance, the world’s largest cryptocurrency exchange. On August 25th, the regulator provided an update clearing the company’s name two months after putting limits on several of its operations.
The FCA issued a warning shot against the exchange in late June, stating that Binance Markets Limited “is not authorized to engage in any regulated activity in the United Kingdom.” Additionally, the watchdog stated that the bitcoin trading platform was prohibited from engaging in “regulated activities” without the FCA’s prior written authorization.
Binance reacted shortly thereafter, stating that Binance Markets Limited was not the entity offering derivatives products in the United Kingdom. Additionally, the exchange stated that nothing had changed for users and that the watchdog’s notice had had no effect on the services.
All of this occurred as worldwide regulators increased their scrutiny of the bitcoin exchange. However, the situation has shifted recently. On August 25th, the FCA published an update advising that the issue had been resolved.
The FCA placed regulations on Binance Markets Limited on June 25th, 2021. The firm met all of the requirements.” — the amended post reads. Binance CEO Changpeng Zhao was eager to highlight the development on Twitter, writing, “great progress.” At first, take a modest step.”
It’s worth mentioning that the corporation has taken various initiatives in recent months to strengthen its compliance efforts. These included the addition of additional workers and the implementation of required KYC criteria.
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