Binance can't be supervised properly, says UK financial watchdog

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By Huw Jones
LONDON (Reuters) -The world's biggest crypto exchange Binance is not capable of being supervised properly and poses a significant risk to consumers, Britain's Financial Conduct Authority (FCA) said in a document published on Wednesday.
The exchange has come under pressure from regulators across the world in past weeks due to concerns over the use of crypto in money laundering and risks to consumers.
The FCA banned Binance in June from conducting any regulated activity and imposed several requirements on the platform.
Its document published on Wednesday expands on its reasons for placing the requirements on Binance's UK-based Binance Markets Limited arm.
"Based upon the firm's engagement to date, the FCA considers that the firm is not capable of ...


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