UK Regulator Said Crypto Exchange Binance Is Now Compliant

The UK financial markets regulator, the Financial Conduct Authority (FCA), said on Wednesday that Binance Markets Limited, a subsidiary of the wider Binance Group, has complied with all the local regulatory requirements.

“On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements,” the FCA stated.

"These requirements remain in place and BML are still unable to conduct regulated business in the UK."

Regulators vs Binance

The UK watchdog was one of the first regulators that flagged the operations of Binance in the country. That followed a landslide of warnings against the cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term from regulators around the world.

While most of the warnings only warned investors against the unregulated operations of Binance, some regulators went further to take enforcement actions. The Thai SEC filed a criminal complaint against the crypto exchange for operating in the country, while the Malaysian regulator gave the exchange an ultimatum to exit the country.

Many other European regulators are skeptical of the compliance of Binance derivatives offerings.

Meanwhile, Binance CEO admitted that dealing with regulators had not been a ‘strong suit’ on the part of the exchange, and it took drastic steps to follow local compliances. The crypto exchange pulled out of Malaysia before the deadline and also stopped offering derivatives in many markets like Hong Kong, Australia, Germany, Italy, and the Netherlands.

The exchange further stopped offering stock token services entirely after multiple European regulators pointed out the possible violation of local securities markets rules.

Though in its latest update, the British regulator said the exchange is now compliant, it did not specify any details.

Binance also ramped up its compliance efforts by hiring multiple former regulatory and government officials in top roles.