The United Kingdom Financial regulator, the Financial Conduct Authority (FCA), said on Wednesday that Binance Markets Limited, a subsidiary of Binance Groups, has followed all the local regulatory requirements of the United Kingdom.
“On June 25, 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements” the FCA stated.
The Financial Regulator in the UK halted the operations of Binance in the country. It followed with several other countries also warning the cryptocurrency exchange platform. Most of the warnings were majorly related to investors as a result of the unregulated activities of Binance, some regulators went further by taking enforcement actions against Binance.
The Thai SEC filed a criminal complaint against the Crypto exchange for operating in the country, while Malaysian regulators gave the exchange an ultimatum to exit the country. Other European countries are skeptical of the compliance of Binance derivatives offering.
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 markets like Germany, Italy, Australia, Hong Kong, and the Netherlands.
The exchange also stopped offering stock token services entirely after multiple European regulators pointed out the possible violation of local securities markets rules. Although the FCA did not specify any details they simply stated that the exchange platform is now compliant
Binance also rounded up its compliance efforts by hiring multiple former regulatory and government officials in top roles