UK Bans Binance, Largest Bitcoin Exchange Platform, From 30 June

The UK financial watchdog has authorized Binance Stop all your activities in Great Britain. Binance, the largest cryptocurrency exchange by volume, Will have to stop operations in the UK by next Wednesday 30 June.

Binance is a company that allows Buying, selling and exchanging cryptocurrencies easily between users. The company originated in China, although today it has subsidiaries globally. The UK FCA has issued orders for subsidiaries registered in the Cayman Islands and London, both regions where the regulatory body has power.

as indicated Declaration From the British regulator, “Binance Markets Limited” Not currently authorized to carry out any regulated activity without prior consent In writing from FCA.”

having said that, Binance.com activities will not be affecteds, this is because it is an independent website and not a UK regulated subsidiary. Nevertheless, the UK requires Binance to indicate on the website that “Binance Markets Ltd. is not currently authorized to conduct any regulated activity in the UK.” As well as discontinuing any advertising or financial campaigns for British users.

regulation time

Because all this? The FCA does not want to give any specific reason why they are asking Binance to cease operations. know what Cryptocurrency research campaign launched. The reason is none other than their little control and lack of control. This has led to cryptocurrencies being frequently used for money laundering or criminal activities.

Billance Markets Limited was established as a company in london last year. It was intended to provide British citizens with the option to invest directly and through an exchange in the country. It gained authorization to do the same with traditional currencies after acquiring a British company that already had the authority. However, when requesting authorization to do the same with cryptocurrencies, he has not been so lucky.

UK FCA’s decision to ban Binance trading comes days after Japan warns that Binance is carrying out unauthorized activities With cryptocurrencies and for Japanese citizens. The regulator in Germany warned consumers in April that Binance may have violated certain rules when it comes to trading.

Via | WSJ
more information | FCA