Binance Complies with All Aspects of Requirements, FCA Says

The Financial Conduct Authority (FCA) has released an update on the consumer warning on Binance Markets Limited (BML), a subsidiary of the wider Binance Group, saying that the company has complied with all the local regulatory requirements.

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On 25 June 2021, the FCA issued a warning against Binance for undertaking regulated activities in the UK without authorization and said that BML is not permitted to undertake any regulated activity in the UK without the prior written consent of the FCA.

The latest notice published by the regulator states that BML has complied with all aspects of the requirements imposed by the FCA. But BML is still unable to conduct regulated business in the UK.

These months, a growing list of regulators worldwide have issued warnings against Binance. Earlier in August, De Nederlandsche Bank (DNB), the central bank of the Netherlands, has warned against Binance as it provides crypto services in the Netherlands without the required legal registration.

Binance has ramped up its compliance efforts by hiring multiple former regulatory and government officials in top roles. The exchange has appointed the former US Treasury Criminal Investigator Greg Monahan​ as the company’s Global Money Laundering Reporting Officer (GMLRO).