![]() ![]() The intervention comes as a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illegal activities such as money laundering and fraud.Īs a result, the FCA also issued a consumer warning this weekend against both the Cayman Islands-registered Binance holdings company and London based Binance Markets Limited. With 96 billion, Binance CEO Changpeng Zhao is closing in on tech titans including Facebook’s Mark Zuckerberg and Google’s Larry Page and Sergey Brin. Binance Co-Founder and CEO Changpeng Zhao delivers a speech at the opening event of Europe’s largest tech conference, the Web Summit, in Lisbon on November 1, 2022. Zhao is the wealthiest figure in the crypto world, with a current net worth of 18.5 billion. The company must also now preserve information relating to UK consumers and inform that the FCA this has been done by July 2, 2021. Binance CEO and founder Changpeng Zhao doesn't 'really care much about money,' per Bloomberg. They added: “The FCA has told Binance that by June 30 it must display a notice stating "Binance Markets limited is not perimtted to undertake any regulated acitivity in the UK" or on its website and social media channels. Marketing materials: Firms may overstate the returns of products or understate the risks involved.Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.Converting a cryptoasset back to cash depends on demand and supply existing in the market. Antonio Masiello/Getty Images Zhao who's often known. There is no guarantee that cryptoassets can be converted back into cash. Changpeng Zhao is the founder and CEO of Binance, the world's largest cryptocurrency exchange. Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks.Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.has positioned the one-time Abu Dhabi regulator as the most likely. Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements. The appointment of Richard Teng to oversee Binance’s regional markets outside the U.S. ![]()
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