Binance can't be supervised properly, says UK financial watchdog

LONDON, Aug 25 (Reuters) - Crypto exchange Binance is not capable of being supervised properly and poses a significant risk to consumers, Britain's Financial Conduct Authority said in a document published on Wednesday.

"Based upon the firm's engagement to date, the FCA considers that the firm is not capable of being effectively supervised," the watchdog said in the document dated June 25. "This is of particular concern in the context of the firm's membership of a global group which offers complex and high-risk financial products, which pose a significant risk to consumers."