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Binance ‘Not Capable’ of Supervision in U.K., Regulators Say

Aug. 25, 2021, 2:28 PM

Britain’s market regulator said it was “not capable” of supervising Binance Holdings Ltd.’s operations in the U.K., leading the authority to crack down on the cryptocurrency trading firm.

Binance failed to provide sufficient information to the Financial Conduct Authority about its business operations, corporate structure and ways that retail consumers used its products, according to a notice from the regulator dated June 25 and released on Wednesday.

“This is of particular concern in the context of the firm’s membership of a global group which offers complex and high-risk financial products, which pose a significant risk to consumers,” the regulator ...