Global crypto regulations are necessary, according to a UK watchdog
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According to the Authority (FCA) ofFinancial Conduct Britain, international crypto companies like Binance must abide by global regulations in order to "keep markets clean."
The majority of the world's cryptocurrency companies are unregulated, but several nations demand proof that they have effective safeguards in place to thwart money laundering.
The largest cryptocurrency exchange in the world, Binance, was denied permission to engage in any regulated activity in Britain by the FCA last year because it "could not be efficiently controlled."
Regulators in Spain, France, and Italy have this year given Binance permission to operate in those countries' domestic marketplaces.
After rejecting applications from a large number of organisations, the regulator has come under fire from the cryptocurrency industry.
A global regulatory agency, the Financial Stability Board, announced this week that it planned to present draught proposals for regulating crypto assets to G20 nations in October.
The markets regulator in France was encouraged to reevaluate its choice to register Binance last month by a French member of the European Parliament.
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