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Andria Evripidou, Public Policy & Compliance Lead at Yapily, has shared a comment on the regulator’s decision to crack down on Binance. Yapily is a European open banking and payments Fintech. Evripidou said:
“The FCA’s move to ban a crypto-currency exchange is a good thing for protecting consumers and their assets. This guidance around the regulation of crypto is long overdue,” said Evripidou.“It’s not surprising the FCA is focusing their attention on crypto, given its increasing popularity but general lack of understanding with consumers. With the FCA taking a more clear and transparent approach towards crypto – whether it means banning it all together, or regulating it heavily – consumers should now be more aware of the true risk with such investments.”
Evripidou believes that the FCA ban is clear evidence that they are looking to “neutralize” the market before the launch of Bank of England’s Central Bank Digital Currency (CBDC).
“While a CBDC is a great step in the right direction, a patchy approach towards existing players will only cause further confusion. The FCA should focus on levelling the playing field and supporting innovation that could enable the use of CBDC, such as Open Banking infrastructure. It’s strong supervisory work should be continued and companies should not be able to sell regulated products without the appropriate authorisation.”
The move by the FCA is indicative of the growing global scrutiny of crypto exchanges, AML/CFT requirements, and a need for greater regulation for these marketplaces.
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