Several Crypto Funds Refused to Work With Binance
According to The Financial Times, several cryptocurrency funds recently announced that they were ending their cooperation with the digital currency exchange Binance.
Ed Hindi, co-founder of Tyr Capital, and ARK36 CEO Ulrik Likke expressed concern about increasing regulatory pressure on the Binance platform, as it also affected the banks and payment systems serving the exchange.
In this regard, the management of the funds decided to save their clients from pressure from regulators in different countries and stopped cooperation with Binance.
Binance told the publication that they did not observe a decrease in institutional activity, but on the contrary, interest in the institutional products of the exchange increased both from cryptocurrency firms and from public financial institutions.
Recently, the National Financial Conduct Authority (FCA) ordered one of the world’s largest cryptocurrency exchanges, Binance, to cease all regulated activities in the UK after conducting an audit.