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UK Watchdog's Binance Warning Raises Alarm Over Crypto-Platforms

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UK Watchdog's Binance Warning Raises Alarm Over Crypto-Platforms THURSDAY 26 AUGUST 2021 WORLD BUSINESS NEWSPAPER EUROPE Tech Britannia Pot of gold Asimov power Cambridge hub provides template Niche lenders reap high profits from Sci-fi vision for solar panels in space for success — BROOKE MASTERS, PAGE 19 cannabis growers — BIG READ, PAGE 17 shows promise — INSIDE BUSINESS, PAGE 6 Tour of duty Briefing Harris tests i Nato chief flags terror threat to airlift Jens Stoltenberg has warned that the risk of an attack on troops running evacuations from Kabul mood in Asia airport is rising every day as the August 31 deadline approaches.— PAGE 2; MALEEHA LODHI, PAGE 19 Kamala Harris pays her respects at the memorial in Hanoi to former US senator i EY fined £2.2m over Stagecoach audit John McCain on the third anniversary of A London watchdog has penalised the firm over its his death. The site marks the spot where audit of the UK-listed transport group. It fined Mark his navy aircraft was shot down by the Harvey, the partner concerned, and ordered him North Vietnamese in 1967. and EY to pay £600,000 costs.— PAGE 6; LEX, PAGE 20 The US vice-president is on a tour of south-east Asia aimed at bolstering i Big step for Biden’s economy legislation Washington’s influence in the face of The US House of Representatives has approved the increasing Chinese assertiveness, and to framework for the president’s $3.5tn spending plan, see first-hand the region’s recovery from after days of talks among Democrats. The detailed the Covid-19 pandemic. bill can now be debated later in the year.— PAGE 4 South Korea, a leading US ally in the region, called on Washington yesterday i Race to succeed Merkel blown open to encourage drugmakers to share the The chancellor’s Christian mRNA technology that would allow it to Democrats have lost their poll boost domestic vaccine output to tackle lead, piling heat on candidate the risk from the Delta variant. Armin Laschet. It also raises Vaccine deadlock page 4 the prospect of a centre-left Evelyn Hockstein/Reuters government in Berlin.— PAGE 2 i OnlyFans makes U-turn on porn ban The social media platform has reversed its decision to ban explicit content after founder Tim Stokely’s criticism in the FT of “unfair” banks sparked fresh UK watchdog’s Binance warning talks with “larger institutions”.— PAGE 8; LEX, PAGE 20 i German business outlook darkens The widely watched business climate index from the Ifo institute has shown supply chain disruptions and concerns about a resurgence in Covid infections raises alarm over crypto-platforms taking a toll on business expectations.— PAGE 2 i J&J says booster jab shows strong results 3 3 3 The healthcare group has said initial data shows a FCA sees risks to consumers Exchange fails to answer queries Group has no fixed HQ strong antibody response to coronavirus. Booster shots are hotly debated as the WHO urges a focus ADAM SAMSON, PHILIP STAFFORD tial risks to consumers buying frequen- ment company, had supplied insuffi- ates in different jurisdictions to access instead on vaccinating poorer nations.— PAGE 4 AND EVA SZALAY — LONDON tly unregulated products through crypto - cient information on the wider group’s the conventional banking system. One of the leading financial regulators currency businesses, which can often products offered in the UK, as well as Changpeng Zhao, its chief executive, has said it is “not capable” of properly circumvent national bans by giving other business details. That meant Cay- has vowed to boost compliance, while Datawatch supervising Binance despite the “signifi- users access to facilities based overseas. man Islands-incorporated Binance “was watchdogs question the rigour of its pol- cant risk” posed by the cryptocurrency The London watchdog censured not capable of being effectively super- icies to stop money laundering and the exchange’s products, which allow con- Binance two months ago, saying that the vised”, it said. Binance said financing of terrorism on its platform. President under pressure Joe Biden’s sumers to take supercharged bets. company was unauthorised to offer con- Binance said it continued to “engage it continued to The exchange had indicated to the Biden’s approval ratings (%) approval ratings Binance is among the biggest crypto ventional financial services or offer a with the FCA to resolve any outstanding ‘engage with the FCA that its UK operations were sepa- are now net exchanges, facilitating hundreds of bil- crypto exchange within the UK. Regula- issues that may exist”. It added that it FCA to resolve rate from other parts of the group. But Approve 55 negative for the first time since lions of dollars of transactions each tors in other major financial hubs have had complied with requirements the any outstanding internal Binance documents seen by the 50 the inauguration, month. also expressed concern but the com- FCA put in place in June, including post- issues that Financial Times say “Binance is operat- as his presidency But the Financial Conduct Authority pany has continued to offer crypto trad- ing of notices to its website. may exist’ ing an FCA regulated business” and 45 is besieged by said Binance’s UK affiliate had failed to ing to consumers around the world. The FCA kicked off a string of warn- notes “consumers will be subject to the a coronavirus respond to basic queries, making it The FCA said yesterday that Binance’s ings by global regulators by banning FCA regulatory guidelines”. Disapprove 40 resurgence at impossible to oversee the sprawling “complex and high-risk financial prod- Binance’s UK affiliate from offering reg- Binance said: “The information pro- home and fallout group, which has no fixed headquarters ucts” posed “a significant risk to con- ulated products in the country. But Brit- vided to the FCA is correct and we con- 35 from the US Jan 2021 and offers services around the world. sumers”. It added that one of Binance’s ish consumers can still trade derivatives tinue to have good faith discussions with Aug withdrawal from The admission underscores the chal- London-based affiliates, which is regis- and other regulated products on the UK regulator.” Source: RealClearPolitics Afghanistan lenge authorities face in tackling poten- tered with the watchdog as an invest- Binance.com. The exchange uses affili- Lex page 20 Delta makes unvaccinated staff pay up as Biden pushes business to get tough STEFF CHAVEZ — CHICAGO impose a financial penalty, although it Three-quarters of Delta employees stopped short of introducing a vaccine are vaccinated. Bastian said he wanted Delta Air Lines has said it will levy a mandate, a step taken by United Air- that number to rise to “as close to 100 $200 a month surcharge on unvacci- lines and Amtrak. per cent as possible”. nated employees enrolled in its health- Ed Bastian, Delta chief executive, said Following the FDA’s full approval of care plan in the latest example of US Sex appeal sells extremism the airline had decided to impose the the BioNTech/Pfizer jab, “we can be companies raising pressure on workers $200 surcharge from November to insu- confident that the . vaccine is safe in France’s ‘fascist-sphere’ to have the Covid-19 jab. late its healthcare plan against the and effective”, Bastian told staff. “The Analysis i PAGE 3 The first fully fledged approval of a vac- “financial risk” of paying for employees time for you to get vaccinated is now.” cine this week by the US Food and Drug sick with Covid-19. The chief executive added that from Administration, which gave a green In a memo to staff, seen by the Finan- September 30, only fully vaccinated Austria €3.90Malta€3.70 Bahrain Din1.8 MoroccoDh50 light to the BioNTech/Pfizer jab, has cial Times, Bastian said the average cost Delta employees with a breakthrough Belgium €3.90Netherlands €3.90 Bulgaria Lev7.50 Norway NKr40 prompted a string of companies to of an employee’s Covid-related hospital infection would be eligible for Covid-19 Croatia Kn29 Oman OR1.60 introduce tougher rules on inoculations. treatment was $40,000, and that all its pay protection while quarantining. Cyprus €3.70PakistanRupee350 Czech RepKc105 Poland Zl 20 Joe Biden has urged business leaders infected workers in recent weeks had Bastian said the moves were a Denmark DKr38Portugal €3.70 EgyptE£59Qatar QR15 to “require vaccinations” for employ- not been fully vaccinated. response to the fast-spreading Delta Finland €4.70 Romania Ron17 ees, and several have complied with the In addition, a mask mandate will variant. “Over the past few weeks, the France €3.90Russia €5.00 Germany€3.90 Serbia NewD420 US president’s request, including the come into effect immediately for fight has changed with the rise of the Gibraltar £2.90Slovak Rep€3.70 Greece €3.70Slovenia €3.70 investment bank Goldman Sachs, the unvaccinated Delta workers and, B.1.617.2 variant,” he said, pointing to Hungary Ft1200 Spain €3.70 accountancy firm Deloitte and phar- beginning on September 12, employees the increase in US hospital admissions India Rup220 Sweden SKr39 Italy €3.70Switzerland SFr6.20 macy operator CVS Health. who are not fully vaccinated must and deaths. Lithuania €4.30 Tunisia Din7.50 Luxembourg€3.90 Turkey TL23 Delta is the first big US company to submit to a weekly Covid-19 test. Goldman calls shots on vaccine page 8 North Macedonia Den220 UAEDh20.00 Subscribe In print and online World Markets www.ft.com/subscribetoday STOCK MARKETS CURRENCIES INTEREST RATES email: [email protected] Aug 25 prev %chg Aug 25 prev Aug 25 prev price yield chg Tel: +44 20 7775 6000 S&P 500 4498.20 4486.23 0.27 $ per €1.175 1.176 £ per $0.728 0.728
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