Responding to the news that the FCA has banned Binance from all regulated activities in the UK, Alpay Soytürk, Head of Compliance at pan-European securitised derivatives trading venue Spectrum Markets (www.spectrum-markets.com/) said:
“They’ve drawn a clear line in the sand: anyone wanting to provide cryptocurrency investment products or solutions in the UK, must do so in a secure and regulated environment. In this, the FCA is aligning with other major regulators, notably in the US and Asia. We are seeing the emergence of a wider consensus which could give us the global regulatory framework on cryptoassets that the industry desperately needs in order to thrive in the long term while ensuring investors are adequately protected.
The esoteric and decentralised nature of cryptocurrencies presents a unique challenge for regulatory oversight and enforcement; a challenge made all the more pressing by the rapid and retail investor-led growth we’ve seen in this space. Regulators are telling us they see trading venues as representing a key piece in the puzzle of how to tackle this, which makes a lot of sense. But the onus is also on exchanges to play ball, and the FCA has shown that if you don’t appear to be part of the solution, it’s likely to consider you part of the problem, and consequences will follow.”
