The UK’s financial services regulator, the Financial Conduct Authority (FCA), has said that crypto exchange Binance has refused to provide basic information about its business, concluding that Binance Markets Limited (Binance’s UK entity) is therefore “not capable of being effectively supervised.”
“The FCA considers that the firm’s responses have been incomplete and have included direct refusals to provide information. These include failures to provide details about how the business and Group are organised,” the FCA said in a supervisory notice.
The FCA added that the firm has refused to explain what routes UK customers could use to purchase products, and to identify the legal entity that sits behind the Binance website, binance.com.
Decrypt has also reached out to Binance on eight separate occasions during this month requesting information on how Binance Group is organized. We have yet to receive a response.
The FCA’s supervisory note, dated 25 June 2021, underline
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