Binance is the most awarded crypto exchange anywhere in the world, but it is having a hard time for the last few months since being in a feud with many regulatory authorities around the world but especially the UK. Binance tried to cave in and do the job of the UK financial regulatory authority, and for that matter, it was banned for several weeks, and upon reopening, there was a condition imposed that the regulatory office in the UK will be keeping a strong eye on the performance of Binance. But now, the UK’s FCA says that it is not able to properly keep an eye or delegate the regulatory operation at Binance, and that is no one’s fault but of the crypto exchange itself. 

Binance may be Banned in the UK

The statement read that the regulatory office is not receiving answers to the queries projected towards Binance in a timely manner, and hence there is only little to no information available regarding its products and business practices. Binance has had a tough time in the past coming to terms with the regulatory authorities. It seems like the crypto exchange doesn’t care for it at all, which has stained its regulatory performance, and might possibly this could have gone on its permanent record. 

Financial Conduct Authority (FCA) in the UK has released a thorough report in which it has stated various concerns for the crypto exchange to date. The FCA considers that they are wasting its time with Binance and that it is not cooperative in sharing any regulatory policies it is enforcing into its business practices.  Given the fact that the firm is mainstream and operates on a global level, and deals with multiple high-risk assets and products, it is intentionally jolting investors and interested parties into buying those high-risk products. FCA did send a list of questions to the exchange earlier this year, and the answers were not like anything amounting to something; in simpler terms, the answers were negligent and didn’t offer any precise information about its business practices. This has got FCA worried about what the future holds for Binance and its operation in the UK, and it is possible if Binance doesn’t clean its act, then the firm is going down, at least in the UK.