Just recently, Binance, the world’s largest crypto asset exchange by adjusted trading volume, was criticized for not offering compliant services. Malta’s regulators had clarified that Binance was not “authorized” or “licensed” to provide crypto-related services in the island country.

Now the Bitcoin Mercantile Exchange, or BitMEX, the world’s largest crypto derivatives trading platform which regularly handles more than $1 billion in trades per 24 hours, has been targeted by the UK’s financial regulator, the FCA. 

The FCA issued a statement in which it cautioned UK consumers that BitMEX had been offering services in the UK which should be regulated. However, BitMEX apparently has no proper license or permission to offer such services.

Last year, the US Commodity and Futures Trading Commission, or CFTC, had also gone after BitMEX because the exchange was again allegedly not following some financial rules and regulations.

What I want to know from all this is that is it really that hard for regulators and crypto firms to work cooperatively? Why must Malta’s regulators and the UK’s FCA have to go out of their way to issue such statements? Can’t they first try working with companies like Binance and BitMEX? There has to be a better way to handle this.

I know that UK’s capital market regulators want to ban crypto derivatives products, but I just don’t think it’s a viable, long-term solution. It’s clear that cryptos are here to stay, with the Supreme Court of India recently ruling that the nation’s central bank, the RBI, may no longer prohibit local banks from offering banking services to crypto firms.

Even in South Korea now, cryptos are “officially” legal. It’s obvious that crypto adoption is inevitable so let’s all grow up and work cooperatively to build a better financial future for everyone.