Britain’s Financial Conduct Authority declared last Saturday that Binance Markets Limited, the U.K. division of Binance, “is not permitted to undertake any regulated activity in the U.K.”
Binance, a cryptocurrency exchange, has been barred from running in the U.K. by the nation’s markets regulator in the newest hint of an increasing crackdown on the crypto market around the world.
From June 30, Binance, which beforehand provides the British crypto trading through its website needs to add a notice in a noticeable place in its website as well as in its app informing U.K. customers the following document:
BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE U.K. Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group holds any form of U.K. authorization, registration, or license to conduct a regulated activity in the U.K.).
The world’s prominent digital currency exchange by trading volumes, was set to start its digital asset marketplace in Britain. Though, several crypto firms canceled their applications to register with the FCA; due to not meeting requirements on anti-money laundering policies.
The FCA representative explained that the extent of the ban was limited. For example, though Binance Markets Limited is banned from offering regulated services in Britain; non-registered businesses can still communicate with U.K. consumers. That means Binance could still provide British cryptocurrency trading through its website.
The FCA is not the only regulator cracking down on the cryptocurrency sector. Financial Services Agency in Japan mentioned last week that Binance was working in the country without authoritzation.
Crypto Crack Downs
Meantime, China has increased efforts to abolish crypto speculation; ordering crypto miners to stop operations in numerous regions and pushing banks and financial companies to stop offering crypto-related services.
Stricter regulatory inspection has burdened the emerging cryptocurrency market. Bitcoin had a strong beginning to the year, recovering to an all-time high of almost $65,000 in April. But it’s since nearly split in value, trading at $34,783 as of Monday morning.
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