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Accounting, even more problems in the UK

Accounting, even more problems in the UK

Dispute between the UK Regulator known as the Financial Conduct Commission (FCA) and Accounting Seems to be far away.

The FCA has issued a statementCompliant with all aspects of requirements“The organization demanded. However, in the same statement, they say finance.”The UK has not yet been able to conduct regulated activities“.

They recognize that this is a global exchangeCan not be effectively monitored“. FCA in particular”Complex financial products“Provided by Binance,”Significant risk to consumers“, According to the Financial Authority.

In this regard, the regulator accuses Finance, among other things, of refusing to answer certain questions. In another case, he gave incomplete information or an outright denial.

The FCA clarified that the company did not provide information on how the company and team were organized. She also did not explain what ways Britain could take to buy consumer goods; Finally, she did not identify the law firm behind the site www.binance.com.

Among the regulated products offered by Finance, the UK authorities are concerned about the future of cryptocurrency and the trading of stock tokens. In addition, they explain in the document that the company did not provide “Names and functions of all companies in the Global Group“.

For his part, An accounting spokesman reaffirmed to Reuters They have complied with the FCA’s requests and are willing to continue working with them.

As the cryptocurrency ecosystem continues to grow, we are committed to working with regulators and lawmakers to develop policies that protect consumers, promote innovation and advance our business.“, The spokesman said.

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Accounting and the UK freeze

Last June the UK banned Binance from providing certain regulated financial products under the FCA’s orbit, for example, futures trading.

Following the ban, it said it would “accept” the transaction, which was established in 2017Collective approach“To work under UK law.

Restrictions prey on finance

In many countries regulators do not retire to accounting. In early July, several countries, including the United Kingdom, Singapore, Thailand, the Cayman Islands, Japan and Malaysia, faced financial regulatory challenges. Italy, China and more recently, Chile followed suit.

In response to the obstacles he faced from various public bodies in many countries, the pressure on finance led to the search for someone with more regulatory experience to fill leadership responsibilities.