According to Britain’s Financial Conduct Authority, global rules are needed to regulate international crypto firms, for example, Binance. To keep markets clean. Crypto firms are largely unregulated worldwide. However, in many countries, they are required to demonstrate that they have adequate controls to combat money laundering. The FCA said last year that Binance, the world’s largest crypto exchange, was not allowed to carry out any regulated activities in the UK. The reason for this is that the firm could not supervise effectively.
This year, regulators in France, Spain, and Italy allowed Binance to operate in their national markets. According to the FCA chief executive, some global baseline standards are important. Unlike money laundering, these are essentially cross-border activities by some very well-organized actors. Consequently, the existence of good common regulatory standards; Also, cross-border sharing of information is fundamental to the clean market that everyone wants.
The regulator faced a backlash in the crypto sector; After being rejected by many companies. When it comes to cryptocurrencies, the Authority will always be particularly attentive to consumer protection. The FCA has also wide warned that crypto investors could drop all their money. According to him, unfortunately, this happened after the recent crash in the value of Bitcoin.
The Financial Stability Board announced this week that it plans to draft recommendations for G20 countries to regulate crypto assets in October. It is worth noting that a French member of the European Parliament last month called on the French market regulator to reconsider the decision to register Binance. Binance is the most influential exchange in the world and operates in many countries. It remains to be seen whether the company will be able to break into the British market and gain the trust of countries where it is banned.
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