Binance deal with crypto firm Eqonex prompts warning shot from UK regulators (via Yogita_Khatri5)
Bifinity will have the right to appoint its chief executive officer, chief financial officer and chief legal officer and nominate two seats on its board of directors.
As for Eqonex, it was founded in 2020 in Singapore and describes itself as the first digital asset firm with an exchange to be publicly listed in the US. It provides crypto trading, custody and asset management services to clients. It operates the Eqonex crypto exchange, the Digivault custodian and the Bletchley Park Asset Management unit.Eqonex's Digivault unit is registered with the UK's Financial Conduct Authority for the purposes of avoiding money laundering.
A Binance spokesperson did not comment to The Block when asked if Binance or Bifinity gets ownership control in Eqonex as part of the deal but directed us towards the Eqonex announcement. When asked about the FCA's statement, the spokesperson said,"We note it with interest and look forward to continuing the dialogue with the FCA."
a similar statement after Bitpanda, an Austrian crypto exchange, acquired Trustology, a DeFi custodian regulated by the FCA."We have a very good working relationship with the FCA who was informed of that transaction well in advance and the FCA statement was in accordance with Bitpanda's expectations," it told The Block at the time.
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