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

FILE PHOTO: Binance logo and stock graph are displayed in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration

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

The exchange has come under pressure from regulators across the world in past weeks due to concerns over the use of crypto in money laundering and risks to consumers.