Binance is perhaps the world’s largest crypto trading and payment platform with a very cleverly woven global spider web of companies spanning regulatory regimes since its inception in 2017. Binance founder Zhao Changpeng is the 18th richest person on the planet in the Bloomberg Billionaires Index with just under $64 billion.
Due to requirements imposed by the UK regulator FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the written consent of the FCA. This requirement was put in place because, in the FCA‘s view, Binance Markets cannot be effectively supervised. This is particularly concerning in the context of Binance Markets‘ membership of the global Binance Group, which offers complex and high-risk financial products posing a significant risk to consumers.
Due to the current tense crypto industry, we downgrade all crypto companies to ORANGE for an undetermined period of time.