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Binance's tough stumbling block in the UK

Binance’s tough stumbling block in the UK

The UK regulator has expressed concern over the trade between Binance and Bifinity. The alleged transaction was the culmination of a $ 36 million convertible loan agreement with Accounting to Fifinity. Thanks to this process, Fifinity became the legal name of Accounting UAP, a company within the Accounting Group. However, this situation raises issues.

The complexity of the accounting situation

According to the regulator, no new action should be taken by the Finance Committee. Because, Binance UAB is not accredited by the FCA. The British regulator wrote a statement on its official website, recalling that Binance UAB was unaware of its services. He also clarified that the only company that would give its approval in this case was Finance Markets Limited. Accordingly, Binance UAB is not authorized to provide financial services; Being its function Unrestricted in the UK.

The situation in which the group finds itself Accounting Becomes more and more complicated. In fact, the regulator revealed that it is difficult to oversee the operations of the company, which is very worrying. Since Finance Markets Limited is one of its most important groups, this issue imposes limits on the operation of finance. The company (Binance Markets Limited) generally offers high risk solutions to UK investors.

One of the peculiarities of the British regulator is the suspension or complete cancellation of the registration of a cryptocurrency company, which no longer meets the rules defined by the regulator. The current conditions under which Binance finds itself may be a triggering factor for the FCA’s choice To complete these steps, At least in the UK.

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Binance has been in significant trouble with regulators, especially the UK regulator, since it recently concluded a major deal. In fact, the latter could have completed his operations in the United Kingdom because none of his group was registered.

Source: U.S. today

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