The Binance exchange platform has been subject to regulatory measures in various countries. However, as its CEO, Changpeng “CZ” Zhao stated in July, the platform is on its way to becoming a regulated financial institution.

Contrary to this statement, the UK’s Financial Conduct Authority issued a consumer warning against Binance Markets Limited. The Binance entity is currently prohibited from conducting regulated activities without the prior consent of the FCA.

Indeed, Binance, which is currently the world’s largest exchange platform, has been repeatedly harassed by regulatory bodies lately. Singapore’s regulatory body also stated that the exchange does not have permission to operate its Asia Binance Services unit.

Other regulatory bodies in Italy, Japan, the Cayman Islands, Malaysia and Italy have also notified Binance that it does not have any permission to operate within their borders, and therefore, the platform cannot do business in their jurisdictions.

On Wednesday, the platform announced the hiring of Greg Monahan, a former criminal investigator from the United States Treasury, to investigate global money laundering. The firm is striving to reinvent itself in line with its new plan as a regulated financial company.

In the United States, the issue of regulation has gained momentum with the Senate debate related to the Infrastructure Bill. The Chairperson of the Securities and Exchange Commission (SEC), Gary Gensler, recently stated that, given its low level of regulation, the cryptocurrency industry poses risks.

"We are an investment protection agency and right now this asset class, Bitcoin and the hundreds of other currencies that investors are trading in, is a speculative asset,"

Gensler said in an interview with CNBC.

He added that what is being sought is “to provide some of the basic protections against fraud and manipulation.”