![]() ![]() ![]() UK investors can still access Binance via its main website, which the FCA does not have powers over. "At the moment the method is to emphasise risks to investors in the UK of these services rather than to regulate them outright," said Barney Reynolds, a lawyer at Shearman & Sterling. The Binance spokesperson said it takes its compliance obligations very seriously and is committed to following all regulatory requirements wherever it operates.īeyond a loud warning to investors, the FCA has done all it can under its limited powers over an offshore exchange, experts say. "(The FCA) don't have jurisdiction over the whole of Binance's operations, so they use the point where they do have jurisdiction and put pressure on the business there." "It's very difficult," said Simon Treacy, senior lawyer at Linklaters. Yet national regulators often struggle to rein in crypto exchanges based elsewhere, lawyers said. ![]() Justice Department and Internal Revenue Service. In May, Bloomberg reported Binance is under investigation by the U.S. Japan's regulator said last week Binance was operating in the country illegally, while Germany's watchdog said in April it risked being fined for offering tokens connected to stocks. ![]()
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