The FCA regulator threatens to revoke the license of the newly launched “Bifinity” service from Binance
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Answer The FCA regulator threatens to revoke the license of the newly launched “Bifinity” service from Binance
Yesterday, we published the news of Binance launching a sub-platform called “Bifinity”, which specializes in converting and exchanging crypto fiat currencies.
But this launch of the new platform from Binance met with regulatory resistance in the UK from the Financial Conduct Authority (FCA).
With Monday’s launch, Binance confirmed that its newly launched “Bifinity” service will offer a convertible loan of $36 million to Eqonex.
This gives Bifinity some specific contractual rights over Eqonex.
The FCA clarifies that Eqonex is the parent company of Digivault, a crypto company officially registered by the FCA and subject to money laundering regulations (MLRs).
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The UK regulator argues that with this arrangement and a new partnership between Bifinity and Eqonex, Binance is trying to bypass regulatory scrutiny.
In addition, the FCA notes that it regulates only a portion of the Binance group, Binance Markets Limited, a subsidiary of the Binance Group.
The Financial Conduct Authority (FCA) has told that no other entity in the Binance Group holds any official license to conduct any regulated activity in the UK, and the FCA statement added:
Due to the requirements imposed by the Financial Conduct Authority (FCA), “Binance Markets Limited” is currently not permitted to conduct any regulated activities without the written approval of the Financial Conduct Authority (FCA).
This requirement is placed because, in the FCA’s view, Binance is not able to effectively supervise financially.
The conclusion of the aforementioned and published is that the FCA will deregister “Bifinity” in the event that it does not comply with obligations under the money laundering regulations.
Bifinity is a subsidiary of Binance that provides paper and crypto-to-crypto payment services.
The company, as we mentioned, is supervised by Binance and works to connect companies, merchants and users of crypto and blockchain, using APIs from “Bifinity” where merchants can make their business ready for cryptocurrencies.
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Helen Hay, President of Bifinity, said about the company’s launch:
As the cryptocurrency and web3 economy continues to grow, we see a greater demand to build crypto-optimized platforms to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy.
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Binance announces the official launch of “Bifinity”…Details here
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