The United Kingdom’s Financial Conduct Authority, or FCA, has issued a warning to Binance Markets in response to Binance’s payment company Bifinity and investment firm Eqonex entering a strategic partnership.
In a Monday statement, the FCA reiterated that Binance Markets Limited was not allowed to conduct certain regulated crypto-related activities in the United Kingdom without prior consent due to previous concerns about the company being incapable of “being effectively supervised,” claiming some of its products posed “a significant risk” to investors. The financial watchdog hinted Bifinity’s recent announcement that it had partnered with Eqonex may be a cause of concern for U.K. regulators.