U.K. Regulator Says It Cannot Effectively Supervise Crypto exchange Binance

The UK Financial Conduct Authority (FCA) issued a notice on Wednesday stating that it is "not capable" to properly supervise Binance.

The notice said that Binance's UK branch (Binance Markets Limited) "refuses" to respond to some of its basic inquiries, leaving it almost impossible to monitor the crypto exchange giant. The notice read: "FCA believes that the company's response to certain issues amounts to a refusal to provide information, and that the company failed to adequately respond to FCA's information request."

FCA also stated that Binance Markets Limited does not have any approved senior management personnel. Although it has submitted applications for the positions of executive director, compliance supervisor and anti-money laundering officer, Binance even refused to provide some basic information, such as "all group entities worldwide, the name and function of the transaction."

It once again stated that the products offered by cryptocurrency exchanges posed "significant risks".

Binance has hired former IRS agent Greg Monahan as its global anti-money laundering reporting officer, former eToro executive Jonathan Farnell as its compliance director.

By Mary Liu

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