Binance Markets Limited, the England-based associate of the largest exchange of cryptocurrency all across the world, is currently following the requirements that the United Kingdom’s authority of financial conduct implemented on the firm in June, as stated by FCA on Wednesday. A warning has been issued by FCA against the company as well as its parent Binance Group. Additionally, the authorities put restrictions on the firm’s operations within the United Kingdom, such as the firm is restricted from initiate any regulated activity without a written consent provided by FCA, the restrictions levelled against the firm should be displayed on its official website as well as its channels on the social media.
A further restriction was that the organization is banned from undertaking any promotional or advertisement-related activities within the U.K. FCA, at that time, considered that the firm was not able to be thoroughly supervised. After the warning of FCA, many well-known banks such as HSBC, NatWest, and Barclays halted consumer payments to the exchange. As a consequence, euro deposits through SEPA (Single Euro Payments Area) of E.U. were suspended by Binance as it was a way through which the customers were able to buy crypto via fiat.
In a Wednesday update, the FCA mentioned that some requirements were imposed on Binance Markets Limited on the 25th of June, which has been lifted as the company has fulfilled all the requirements. It added that Supervisory Notice, as well as FCA Register, can be seen to confirm the declaration. Changpeng Zhao, the CEO of Binance, shared this update of FCA through a post on his Twitter account and referenced it in another tweet shortly, saying that it is positive progress.
A spokesperson from Binance reportedly disclosed that the organization is presently complying with entire of the FCA requirements. He further revealed that the firm would continuously engage with the authority of the financial conduct to resolve any other bigger problems. As constant development and evolution are being observed in the ecosystem of the crypto industry, the company is prepared to work with policymakers and regulators in the development of policies to protect the customers, thus encouraging them for innovation.
The firm has recently incorporated KYC (Know your customer) service to avoid illegal activities such as money laundering. It has appointed Greg Monahan (a former criminal investigator at U.S. Treasury) to serve as a reporting officer for money laundering across the world.