(AF) In a demonstration of the difficulty in regulating cryptocurrencies, the UK’s Financial Conduct Authority (FCA) said it’s unable to oversee digital asset exchange Binance because of the risks involved in its products, the Financial Times reported.
The UK affiliate of the world’s largest crypto trading venue, which has no centralised headquarters and allows “supercharged” bets, had failed to respond to some of the FCA’s basic enquiries, making it difficult to supervise, the report added. Binance was censured by the FCA in June, the report stated. Full report: Financial Times
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