One of the world’s largest cryptocurrency exchanges Binance, announced a new service in the statement made yesterday. Binance’s bifinity The platform will enable direct fiat-to-crypto money transfers. For this Eqonex Binance, which also agreed with the platform named, has not yet overcome the UK barrier.
Bifinity May Have a Short Lifespan
Although Binance has certain rights on Eqonex within the scope of its partnership, FCA stated that this is not in accordance with the law. According to the FCA, Binance is trying to circumvent regulations in this way and will soon become the parent company of both Binance Markets Limited and Eqonex. Digivault‘s license can be revoked. FCA, Binance GroupiSimli stated that no person or institution from this new formation has a license to provide regulated services in the UK.
Binance Markets Limited Stating that his company cannot provide new services without the written permission of FCA, the regulator sees the situation as high risk. If this continues, the FCA may revoke the license of Binance Bifinity under anti-money laundering regulations.
It was stated that Bifinity will especially support more than 50 cryptocurrencies and fiat money methods such as VISA and Mastercard. This formation, which plans to bring together the world of traditional finance and digital finance, unfortunately seems to be blocked by the FCA for now. Binance has not yet responded to these allegations.