UK's financial watchdog admits Binance cannot be supervised

The world's biggest crypto exchange Binance has been deemed as "not capable of being supervised properly" and could pose a significant risk to consumers, according to the UK's Financial Conduct Authority. The FCA said in a statement yesterday (Aug 25), that "Based upon the firm's engagement to date, the FCA considers that the firm is not capable of being effectively supervised," in the document dated June 25. The exchange has recently come under pressure from a host of regulators across the world and, as reported, the FCA banned Binance in June from conducting any regulated activity a...