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Wednesday, May 18, 2022

UK Financial Regulator Put Ban on Cryptocurrency Exchange Binance

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The largest cryptocurrency exchange Binance got banned by UK financial regulators. The watchdogs have made this decision as they continue the crackdown on the crypto market around the globe. The Financial Conduct Authority of Britain disclosed that Binance Markets Limited, the U.K. division of Binance, “is not allowed to carry out any regulated activity in the U.K.”

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Binance which has gained its reputation as the world’s largest crypto exchange by trading volumes was gearing up to roll out its digital asset marketplace in Britain. However, it was one of the numerous crypto firms that removed applications to register with the FCA due to not fulfilling anti-money laundering prerequisites.

Furthermore, the FCA representative explained that the extent of the prohibition was limited. Though Binance Markets Limited is barred from providing regulated services in Britain, non-registered firms can still engage with U.K. consumers. That means Binance could still provide a Brits crypto trading through its website.

The representative of the cryptocurrency exchange disclosed that the exchange is working closely with the regulator to fulfill regulatory compliance. The firm is aggressively trying to modify policies, rules, and laws in this new space. Since January, the FCA has warned all firms providing cryptocurrency-related services to register. They also asked to demonstrate that they abide by anti-money laundering rules. However, earlier in the month it stated just five firms had enrolled, and that the vast majority were not yet compatible with the standard.

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