The concerns were raised via a speech by chairman Charles Randell, who stated that FCA should be given more teeth to regulate on advertisements that had overstepped the mark.
The drastic move comes as a result of the U.K.’s financial regulator, the Financial Conduct Authority, issuing a notice that Binance is not permitted to operate in the country.
Digital currency businesses looking to operate in the United Kingdom are reportedly finding the licensing terms set out by the Financial Conduct Authority to be too challenging.
Binance came under regulatory fire on three continents in the space of a single weekend, another sign that the enforcement walls are rapidly closing in on the troubled cryptocurrency exchange.
The U.K. financial watchdog has issued a warning against more than 100 digital currency companies that it says have been operating in the country without the required licensing.
The Financial Conduct Authority is extending the period in which it will allow digital currency companies to operate even if they are not officially approved to offer their services.
London’s Metropolitan Police are lobbying the U.K. government to legislate to make it tougher for criminals to use and transfer digital assets, according to Detective Chief Superintendent Michael Gallagher.
John Glen said there had been significant difficulties in registering digital currency companies under the regulations, resulting in a majority of applicants for AML approval withdrawing their licenses.
The Financial Times reported that European regulators, were investigating whether the Binance token launch was arranged in compliance with securities laws before being made available for sale.
The digital asset industry has a specific problem which, despite hurting consumers and adoption, receives little attention: dishonest advertising.
Users of the digital currency derivative platform in the U.K. have until March 31 to close all their positions and withdraw their balances, according to Bybit.