United Kingdom’s FCA( Financial Conduct Authority) confirms speculations that it has difficulties in regulating Binance. More specifically, the FCA openly confirms that they are ‘not capable’ to successfully manage the leading US crypto exchange. While the FCA expected a certain level of difficulties, they certainly did not expect a non-existent cooperation from Binance. Which consequently, is what FCA points as one of the major issues that they have with the crypto exchange.

As a result, the FCA conducted a supervisory note. That is in order to highlight several potential issues with Binance and their products. While Binance persists that they did everything that the regulator asked, the FCA says otherwise:

The case against Binance started in June 2021. Specifically, when the FCA issued a ban for Binance for violating local crypto laws. However, Binance claims that the company in question, Binance Market, is not the operator that offers such services in the UK.

Yet, this doesn’t seem to satisfy the regulator. In a response to these allegations, Binance claims complying to all demands by the UK FCA:

Consequently, this situation draws attention because Binance is the biggest crypto exchange in the world per trading volume. And as such, it is truly baffling to hear that the FCA reports difficulties when regulating Binance. Whatever the case, we can only wait to see how this situation will unfold.