In response to the UK’s crackdown on Binance, Mode CEO Ryan Moore warned “fintech innovation must not be at the expense of transparency and regulatory oversight”.

He told Express.co.uk: “Fintech innovation and disruption must not be at the expense of transparency and regulatory oversight.

“That’s why we decided to list on the London Stock Exchange in 2020 and why we applied for AMLD5, the anti-money laundering requirement for businesses conducting cryptoasset activities in the UK, which we were granted last week.

“Mode is one of only three UK companies to have achieved this.

“The regulatory process is not always easy – nor should it be – and we’ve been working closely with the FCA since our listing to ensure that we’re embracing the appropriate standards. Smart but effective regulation is needed to protect consumers whilst empowering businesses to build the technology of tomorrow.”