Main navigation

British Regulator Expresses Concern over Binance and Bifinity

Tue, 8/03/2022 - 10:35
British Regulator Expresses Concern over Binance and Bifinity
Cover image via
Read U.TODAY on
Google News

According to the official website of the Financial Conduct Authority, the regulator is aware of the recent statement made by Eqonex Limited and Binance Group about a $36 million convertible loan provided by Bifinity.


As the authority reports, through the loan, Bifinity acquired contractual rights over Eqonex. At the same time, Bifinity is the new legal name for Binance UAB, which is directly a part of the Binance Group.

Matic, Link, Sand: Crypto Whales Are on Buying Spree, WhaleStats Report

The deal allowed the Binance Group to potentially become beneficial owners of Digivault Limited, which is a subsidiary of Eqonex Limited. The company is a cryptoassets business registered by the FCA.

As the regulator reports, they had no authority over the new beneficial owners of the company before the transaction was completed. The entity regulated by the FCA is Binance Markets Limited, not Binance UAB. Other entities in the Binance Group are not regulated by the FCA and cannot conduct unregulated financial activities in the U.K.

As AMC Prepares to Accept Shiba Inu, CEO Talks Up Crypto Plans

Because of requirements forced by the regulator, Binance Markets Limited will not be able to conduct any regulated activities without the consent of the FCA. The main reason, according to the authority, is the inability to supervise the entity, which is concerning for the FCA since Binance Markets Limited is a member of Binance group that offers high-risk solutions for investors from the U.K.

The regulator is able to suspend or even completely cancel the registration of a crypto business in the country if it considers the owner or the firm itself unfit. The regulator has the power to cancel registrations based on the inability of the company to comply with money laundering regulations.


Latest Press Releases

Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ElmonX Unveils ‘The Scream’ NFTs by Edvard Munch For The First Time Ever
World's First Bitcoin Layer 2 Conference to Unite East & West in Hong Kong, April 2024
Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Our social media
There's a lot to see there, too

Popular articles