Unsuspecting consumers are regularly being lured into crypto scams by social media influencers, the chair of the UK's FCA said.
The Financial Conduct Authority said Binance Markets Limited failed to supply further information about its business.
There's been an "explosion" in young people investing in crypto and other high-risk assets, the FCA says.
Binance stopped its UK clients from withdrawing pounds from their accounts from Tuesday, after a key partner terminated their agreement with the firm.
As the global regulatory clampdown on Binance continues, an increasing number of banks are banning payments to the crypto exchange.
Registration data from the FCA showed that around 64 crypto-related firms have withdrawn their applications, up from 51 in early June.
"The FCA UK notice has no direct impact on the services provided on Binance.com," a spokesperson told Insider.
The UK regulator found a number of crypto firms are not carrying out due diligence and that others have staff who lack the required skills.
The UK financial regulator has warned TikTok users about taking stock tips from the app. The Financial Conduct Authority warned about “promising high-return investments,” per BBC News. One user posted videos with names like: “Only future millionaires can see this video!!” Visit the Business section of Insider for more stories. […]
Fiat Chrysler published its annual US sales report on Tuesday. The automaker sold four Dodge Vipers in 2020, according to the report. The Dodge Viper was discontinued in 2017. The automaker also sold three Jeep Patriots, despite the car being discontinued at the end of 2016. Visit Business Insider’s homepage […]
The 2021 Jeep Grand Cherokee marks the model’s brand-new, fifth generation. For the first time ever, the Jeep Grand Cherokee L will offer a third-row option – making it competitive with models from Volvo, Honda, and Mazda. No pricing or further information regarding the two-row models was announced at this […]
Up to 4,000 financial services firms in the UK are at risk of failing due to the coronavirus pandemic, the Financial Conduct Authority warned on Thursday. Insurance services groups, payments firms and investment managers reported a fall in liquidity. However, the watchdog said stronger markets and a return to economic […]
The UK’s financial watchdog on Tuesday banned the sale, marketing, and distribution of certain crypto-based products for retail investors. The ban comes into effect from January 6, 2021. These products are considered “ill-suited” to retail consumers as they risk losing a lot of money mainly due to the difficulty of […]
I tested a very, very well equipped 2020 Ram 1500 Rebel pickup truck, an off-road optimised version of the truck that captured our Car of the Year award in 2019. My Rebel had a potent 3.0-litre turbodiesel engine that serves up 260 horsepower but an earthshaking 480 pound-feet of torque. […]
The MC20 supercar, Maserati’s new flagship halo car, represents the first of Maserati’s “new era” of vehicles. Following the MC20, Maserati will launch 13 new cars from now through 2024. All-electric versions of those cars are also in the works. The new cars will take design cues and technology from […]
The MC20 is Maserati’s all-new flagship supercar. It has butterfly doors and a mid-mounted engine that makes more than 600 horsepower. The car will be available in fall 2021 and prices will start at $US210,000. Visit Business Insider’s homepage for more stories. The first brand-new Maserati model in roughly four […]
Maserati has unveiled an ambitious turnaround plan after several years of plunging sales and missed profit targets. At an event in Italy, Mike Manley, CEO of parent FCA, said that Maserati is targeting 75,000 in annual sales and a 15% profit margin. But Manley also squashed speculation about a Maserati […]