UK Bans Binance, Largest Bitcoin Exchange, From June 30

The British Financial Supervisory Authority allowed Binance All activities ceased in Great Britain. Binance, the largest cryptocurrency exchange by volume, He will have to stop operations in the UK by next Wednesday June 30.

Binance is a company that allows Buy, sell and exchange cryptocurrency easily between and for users. The company was born in China, although today it has subsidiaries globally. The UK’s Financial Conduct Authority has issued an order for the Cayman Islands and subsidiaries registered in London, two areas in which the regulator has authority.

as shown Advertising From the British regulator, “Binance Markets Limited It is not currently authorized to carry out any regulated activity without prior approval in writing from the FCA.”

I have said that, Activities carried out from Binance.com will not be affecteds, because it is an independent website and not a subsidiary regulated in the UK. However, the UK is asking Binance to state on the website that “Binance Markets Limited is not currently authorized to carry out any regulated activity in the UK.” As well as stopping any advertising or financial campaign for British users.

Organizing times

Because all this? The FCA did not want to give a specific reason for asking Binance to stop operations. What is known is that A search for cryptocurrency has begun. The reason is nothing but a little liberation and lack of control. This has resulted in cryptocurrencies being often used for money laundering or criminal activities.

Balance Markets Limited Founded as a company in London last year. The aim was to give British citizens the option of investing directly and through exchange in the country. I got permission to do this in fiat currencies after acquiring a British company that already had the mandate. However, when it came to asking for permission to do so with cryptocurrencies, he wasn’t so lucky.

UK FCA’s decision to ban Binance trading comes days later Japan warns that Binance has been carrying out unauthorized activities With cryptocurrency and Japanese citizens. In Germany, the regulator warned consumers in April that Binance likely violated certain rules when it came to trading.

via | The Wall Street Journal
More information | FCA