The former chairman of the Bayern Munich board of directors Karl-Heinz Rummenigge again spoke out in favor of stricter financial control in European football.

“It already exists in the form of Financial Fair Play. You just have to adapt it, use it and demand it more rigorously,” Rummenigge said.

The 65-year-old former German international, who sits on the Executive Committee of the European Union of Football Associations (UEFA) as a representative of the European Clubs Association (ECA), stressed that stricter rules are an “absolute necessity”.

According to Rummenigge, the question lies in the speed with which changes can be introduced and legally guaranteed “in a Europe whose pillars of the market economy include free competition”.

“These regulations I’m talking about are supposed to stabilize competition, not restrict it, and the issue addresses too little from that perspective,” he said.

UEFA’s Financial Fair Play stipulates in principle that clubs participating in European tournaments must not spend more than they earn. However, due to the recent transfers and multi-million dollar salaries paid by the main European clubs, criticism of the system and its effectiveness are increasingly added.

For Rummenigge, a “concrete” catalog of sanctions must be created. “You don’t have to act as crazy, but you have to change some small details.”

K. Tovar

Source: dpa

La entrada Rummenigge demands better financial control in football apareció primero en Bitfinance.

The Financial Conduct Authority (FCA), the UK’s financial watchdog, has ordered Binance to cease all its regulated activities in the country for operating without authorization.

This is one of the most important actions that any global regulator has taken against the exchange platform with the largest commercial volume in the world and a model for the action of the control bodies of the cryptocurrency sector in illicit activities such as money laundering and fraud, in addition to the lack of protection that consumers face.

The platform had requested to become a registered cryptocurrency company, in order to comply with British requirements. However, last month it withdrew this request due to the “strict criteria of the regulatory body when approving practices to prevent money laundering and terrorist financing.“

The FCA also determined that Binance must inform on its website, no later than this Wednesday, that it is not authorized to carry out “regulated activities in the United Kingdom and to secure and preserve all records and / or information (…) relating to all clients in the country from their systems”, as well as” putting an end to any type of advertising and financial promotions.“

The FCA is not the first regulatory body to place restrictions on Binance for offering products and services to citizens without authorization. Japan, recently did it, Germany had previously done the same and in the United States it is under investigation.

For its part, Binance reported the closure of its operations in Canada, but did not specify the reasons why it was leaving the market.

M. Rodríguez

Source: eleconomista.es

La entrada Binance banned from continuing operations in the UK apareció primero en Bitfinance.