The UK’s Financial Conduct Authority has said it is “not capable” of supervising Binance because the controversial cryptocurrency exchange has refused or is unable to respond to questions or provide information about its activities to the regulator.

Binance is the world’s largest crypto exchange, but has found itself in hot water with watchdogs globally over a lack of clarity on how the business is structured across its different offices, and its offering of regulated products without proper authorisations in some jurisdictions.