UK Lawmakers Doubt About Binance’s Role In FTX’s Collapse

According to a member of Parliament, UK lawmakers are not persuaded by the proof Binance offered to understand its contribution to the demise of FTX.

Alison Thewliss, a member of the UK Parliamentary Treasury Committee, said in an interview with Bloomberg that the evidence submitted by Binance regarding the collapse of FTX was not sufficient.

“It doesn’t really give us the real background details, and I’m sure the committee will ask more questions because of the very broad implications of this collapse for the crypto industry as a whole.”

The government agency is currently investigating the risks and opportunities cryptocurrencies present to UK investors and businesses.

Previously, the UK Parliamentary Treasury Committee requested internal correspondence from Binance regarding the collapse of FTX, but Binance only sent back news articles in response.

Treasury Committee Harriett Baldwin said:

“We don’t have much ability to push for more than we’ve received.”

The House Financial Services Committee will host a hearing on the collapse of FTX and the condition of the cryptocurrency business in December. As a result, Binance is also being closely watched in the United States.

UK lawmakers are developing more thorough regulations for digital assets. The Financial Conduct Authority (FCA) is now in charge of regulating crypto companies based on compliance with anti-money laundering regulations. With the new regulations under consideration, the FCA will have more authority over cryptocurrency holdings.

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