Tech

The UK watchdog says it lacks the power to judge the link between Binance entity and Eqonex

FILE PHOTO: Image shows representations of virtual cryptocurrencies
FILE PHOTO: Depictions of virtual cryptocurrencies can be seen in this illustration taken on November 28, 2021. REUTERS/Dado Ruvic/

March 7, 2022

LONDON (Reuters) – Britain’s financial regulator said on Monday it did not have the authority to assess the “fitness and adequacy” of custodian Digivault’s new beneficial owners after an arm of crypto exchange Binance granted Digivault’s parent company a loan of of $36 million.

Crypto-asset company Eqonex, which owns Digivault, previously announced a collaboration with Bitfinity, a new payments arm of Binance, adding that the partnership will focus on the “use” of Digivault, one regulated by the UK’s Financial Conduct Authority custodian, going to focus.

Under the terms of the agreement, Bitfinity will have the power to appoint Eqonex’s chief executive officer, chief financial officer and chief legal officer, as well as two directors, Eqonex said in a statement.

(Reporting by Tom Wilson; Editing by Tommy Wilkes)

https://www.oann.com/uk-watchdog-says-it-lacks-power-to-assess-tie-up-between-binance-unit-and-eqonex/?utm_source=rss&utm_medium=rss&utm_campaign=uk-watchdog-says-it-lacks-power-to-assess-tie-up-between-binance-unit-and-eqonex The UK watchdog says it lacks the power to judge the link between Binance entity and Eqonex

Emma Bowman

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