tl;dr
Binance, the world’s largest cryptocurrency exchange, is experiencing obstacles to re-enter the UK market, with local partners showing reluctance to collaborate due to regulatory opposition. The UK’s Financial Conduct Authority (FCA) expressed concerns, leading to rejections from authorized business...
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Binance Faces Obstacles in Re-Entering UK Market Binance Faces Obstacles in Re-Entering UK Market
Binance, the world's largest cryptocurrency exchange, is experiencing obstacles to re-enter the UK market, with local partners showing reluctance to collaborate due to regulatory opposition. The UK's Financial Conduct Authority (FCA) expressed concerns, leading to rejections from authorized businesses. Binance's CEO is facing significant challenges in rebuilding trust among regulators, and the exchange has denied facing opposition in its re-entry attempts. Additionally, Binance has been embroiled in a controversy surrounding the exposure of “highly sensitive” code on GitHub, with the code cache containing valuable information that could be exploited by potential hackers.
UK Firms Reject Binance’s Requests for Collaboration
According to the report, multiple UK firms that hold regulatory permission to approve communications between crypto platforms and their clients have recently rejected requests from Binance, as per anonymous sources familiar with the matter. These rejections followed concerns the UK’s Financial Conduct Authority (FCA) expressed to several authorized businesses that had inquired about potential collaborations with Binance. The FCA’s position underlines the significant challenges faced by Binance’s CEO, Richard Teng, who took charge in November to rebuild trust among regulators globally.
“Highly Sensitive” Code Exposed on GitHub
In a recent development, Binance has been embroiled in a controversy surrounding the exposure of its “highly sensitive” cache of code on GitHub. Binance has refuted the severity of the issue, claiming that the exposed codes were outdated and posed minimal risk, but the incident has highlighted potential vulnerabilities that could compromise the security of the exchange’s systems. The code cache contained a wealth of information that could be valuable to hackers seeking to exploit vulnerabilities in Binance’s systems.
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