Finance meets the needs of the UK, but was suspended in cryptocurrency

Two months after the suspension of finance operations in the country, the UK Financial Conduct Commission (FCA) announced that the exchange had met the requirements. Still, the regulator said the brokerage Cryptocurrency Is not authorized to operate and deliver in the country:

On June 25, 2021, the FCA imposed requirements on Finance Markets Limited. The company met all the requirements. (2) These requirements are in effect and PML is not yet authorized to conduct regulated business in the UK, ”the statement said on Wednesday (25).

Recall the FCA x Binance case

The UK was one of the first countries to issue a warning report on financial misconduct.

“Accounting Markets Limited is not allowed to carry out any regulatory activities in the UK. As regulated by the FCA, Binance Markets Limited is not allowed to carry out any regulated activities without the prior written permission of the FCA,” the FCA said at the time.

Japan, Canada, the Cayman Islands, Singapore, Malta, Poland, Italy and the Netherlands followed suit. This pressure from regulators has led finance to take a more proactive approach to global regulatory compliance. Among other things, Finance has already reduced lending and stopped derivative offers in Europe and Hong Kong. In addition, the company ended support for stock tokens. At the same time, it has appointed senior officials to international coordination committees and advisory committees. The most recent hire was former U.S. federal investigator Greg Monahan.

Most recently, the exchange stated that all users should know your customer or complete KYC verification. Apparently, these measures made the finance comply with the requirements set by the FCA. However, as mentioned, the broker has not yet been able to operate in the country. Despite this, the company’s CEO Zhang Peng Zhao (CZ) celebrated the FCA update:

“Positive progress. One small step at a time. Slow but always,” CZ wrote.

By Easy Crypt