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UK Finance Authority Expresses Concern Over Bifinity and EQONEX Partnership

2022/03/08 09:36

According to Beincrypto, The United Kingdom’s Financial Conduct Authority (FCA) expressed concerns over a recent strategic partnership between financial services company EQONEX and Binance subsidiary Bifinity. The two entities announced the partnership on March 7, also stating that it would result in the issuance of a $36 million convertible loan from Bifinity to EQONEX. The partnership is focused on leveraging EQONEX’s custody solution Digivault. The FCA said that the loan means that Bifinty has specific contractual rights over EQONEX. However, the FCA is firm on its decision that Binance should not undertake activities without written consent. The FCA believes that the risky nature of Binance’s products could drastically affect consumers. With that in mind, the FCA says that it can take steps to suspend or cancel the registration of a crypto asset business if it deems it a risk. This suggests that the EQONEX-Bifinity partnership could be rendered moot if the FCA sees the issues as a serious problem.
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