<p><span style="font-weight: 400;">UK lawmakers are not convinced by the evidence Binance provided to understand its role in the collapse of FTX, according to a member of Parliament. </span></p> <p><span style="font-weight: 400;">Binance sent answers to questions from the UK’s parliamentary committee investigating the downfall of FTX following a hearing on Monday, including on its role in the collapse of FTX. FTX was a major competitor of Binance's prior to its failure and subsequent bankruptcy. </span></p> <p><span style="font-weight: 400;">“It doesn’t really give us the real background detail,” Alison Thewliss, a member of the Treasury Committee, </span><a href="https://www.bloomberg.com/news/articles/2022-11-17/binance-evidence-on-ftx-ftt-bnb-collapse-unacceptable-uk-lawmakers-say" target="_blank" rel="noopener"><span style="font-weight: 400;">said</span></a><span style="font-weight: 400;"> in a Bloomberg interview. “I’m sure the committee will be asking more questions to get to the details of what happened here, because there are wider implications for this collapse and for the crypto sector as a whole.”</span></p> <p><span style="font-weight: 400;">In response to the question of what role it played in FTX's collapse, Binance shared a series of news articles since the catalytic leak incriminating FTX for mishandling its funds on Nov. 2. The Treasury Committee reportedly expected to review Binance's internal records, including the decision to unload its holding of FTT, FTX’s native token. </span></p> <p>“We don’t have much ability to push for more than we’ve received,” Treasury Committee Harriett Baldwin said in the interview.</p> <p><span style="font-weight: 400;">The committee’s recommendations for crypto regulations in the UK based on the inquiry into Binance and FTX will be impacted, Thewliss said in the Bloomberg report.</span></p> <p><span style="font-weight: 400;">UK policymakers are working on more comprehensive rules for digital assets. The national regulator, the Financial Conduct Authority, is currently responsible for licensing crypto firms based on anti-money laundering compliance. With the new laws in the works, the FCA will have broader control over crypto assets. </span></p> <p><span style="font-weight: 400;">Binance is also </span><a href="https://www.theblock.co/post/187692/binance-role-in-ftx-collapse-crypto-meltdown-under-congressional-scrutiny" target="_blank" rel="noopener"><span style="font-weight: 400;">under scrutiny</span></a><span style="font-weight: 400;"> in the U.S., where the House Financial Services Committee will </span><a href="https://www.theblock.co/post/187617/u-s-house-committee-to-hold-hearing-on-ftx-collapse-and-crypto-fall-out" target="_blank" rel="noopener"><span style="font-weight: 400;">hold</span></a><span style="font-weight: 400;"> a December hearing on FTX's downfall and the state of the crypto industry. </span></p> <p><span style="font-weight: 400;">Binance and the UK Treasury Committee have been contacted for further comment. </span></p><br /><span class="copyright"><p>Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.</p> <p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>