– Global rules are needed to regulate international crypto firms like Binance and “keep markets clean”, Britain’s Financial Conduct Authority said on Thursday.
– Crypto firms are largely unregulated across much of the world but are required in many countries to show they have adequate controls to combat money laundering.
– The FCA said last year that Binance, the world’s largest crypto exchange, was not allowed to undertake any regulated activity in Britain because it was “not capable of being effectively supervised”.
– This year, regulators in Spain, France and Italy have allowed Binance to operate in their national markets.
– “I think some global baseline standards are important,” FCA Chief Executive Nikhil Rathi told the Peterson Institute for International Economics in Washington in response to a question on whether regulators are being played off against each other by crypto firms.
– The regulator has faced a backlash in the crypto sector after turning down applications from scores of companies.
– The Financial Stability Board, a global regulatory body, said this week it was looking to make draft recommendations to G20 countries in October for regulating crypto assets.