Low Binance
IT’s four and a half years since the Financial Conduct Authority issued a warning against dodgy crypto platform Binance, reminding potential customers that it wasn’t licensed to sell regulated financial products here.
Much has happened since to vindicate the ban, not least a $4bn fine in November 2023 and imprisonment in the US last year of its founder, Changpeng Zhao, after the platform was found to have facilitated money laundering by sanctioned Russians, among others. (A few weeks ago “CZ” was pardoned by president Donald Trump, coincidentally after Binance sold a stake in its ownership to MGX of Abu Dhabi, to be paid for in $2bn worth of the “stablecoin” USD1 created by the Trump family’s World Liberty Financial.)