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UK regulator bans Binance

World's largest crypto exchange platform, Binance is banned from doing regulated activity in the U.K. It was announced by the Financial conduct authority(FCA) of U.K in a notice dated June 25 and also it warned users about the platform. However, the FCA spokesperson said that scope of ban is kind of limited, that means people in U.K still trade cryptos through non-registered companies. So, Binance can still offer Brits crypto trading service.

Binance is an online crypto trading platform that provides it's consumers a variety of financial service and products, including trading different digital currencies, as well as crypto wallets, futures, savings accounts, securities and crypto lending.

The FCA does not control crypto's and it's trading, but it requires crypto exchange platform to register with them. Binance and several other platforms are not registered with FCA, therefore Binance is stopped from operating in U.K.

Several other authorities in the world have cracked on cryptocurrency apart from FCA. This move was mainly started after China started imposing restriction crypto mining and urged banks to stop crypto related activities. There have been increased scrutiny and movements against crypto to crack down it's bull run. Even Japan's Financial service issued a statement saying that Binance was doing activities in the country without the consent of the government. 

Many feel that because of Cryptos decentralized nature, currencies of the world fear cryptocurrencies because each digital currency have their own specific technology and application.

FCA even asked Binance to display a public notice on its website (Binance.com) and social media handles saying that it is not allowed to conduct any regulatory activity in the U.K. The FCA is speeding up its hold on crypto trading, which gained huge attention in U.K along with other countries around the world. Since January 2021, the FCA has required all companies that offer cryptocurrency related services to comply with them and show they agree with anti-money laundering rules. However, in June, five firms had registered with FCA and majority of them are not yet compliant.

In May, Bloomberg cited that officials from the US Justice Dept., which investigates money laundering and tax related offences had collected information from people with insight into Binance’s business.


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