FCA Said Binance Had Complied With Its Requirements, But Was 'Not Capable' of Being Supervised

The FCA had ordered Binance to cease carrying out regulated activity in the U.K.

AccessTimeIconAug 25, 2021 at 4:28 p.m. UTC
Updated Sep 14, 2021 at 1:45 p.m. UTC

The U.K.'s Financial Conduct Authority (FCA), which in June determined that crypto exchange Binance was "not capable of being effectively supervised," today said the company had complied with the requirements it imposed.

  • In a supervisory notice dated June 25 and made public Wednesday, the regulator told Binance's U.K. arm to not carry out any regulated activity and for the www.binance.com website to display in a prominent place that it is not permitted to do so. It also demanded an end to advertising and financial promotions.
  • In an update to a release published at the time, the FCA said: "On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements."
  • In the supervisory notice, the FCA said it deemed the firm's responses to questions as incomplete, and considered that it had refused to provide necessary information pertaining to formal requirements under money laundering and terrorist financing regulations.
  • The regulator's notice to Binance in June was one of the first of a string of warnings from regulators and other bodies around the world, which has led to the world's largest crypto exchange attempting to become more proactive in its dealing with regulators.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


CoinDesk - Unknown
Opaque Platforms and Intertwined Protocols Pose Big Risk to Crypto

Second article in a series about risks we’re thinking about during these crypto down days.

CoinDesk - Unknown
CoinDesk - Unknown
Putin Weaponizes Inflation

Examining a recent propaganda speech from the Russian leader.

CoinDesk - Unknown
CoinDesk - Unknown
Morgan Creek Is Trying to Counter FTX’s BlockFi Bailout, Leaked Call Shows

FTX’s $250 million credit facility offer – if inked as initially proposed – stood to effectively wipe out all BlockFi shareholders, including Morgan Creek Digital, the firm told its investors.

CoinDesk - Unknown