Largest Cryptocurrency Exchange Banned in UK!

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Binance is the world’s largest crypto exchange in terms of volume of trade. Apart from being a trading platform for many cryptocurrencies, it also has its crypto named BNB (Binance Coin). It provides its services via binance.com.

Founded by Changpeng Zhao in 2017, it was initially based in China. It shifted its headquarter from there due to a tighter grip on it by the regulatory authority. Currently, it is operating from Cayman Island.

On 26th June 2021, statement given by the FCA (Financial Conduct Authority), the UK financial markets regulator, shook traders in the market thereby tremendously pulling down the prices of the coins.


Source: https://www.fca.o/rg.uk

Binance Market Limited was no longer permitted to undertake any regulated activity in the UK. The reason given for such action was the non-compliance with the anti-money laundering requirements of the country.

In response to issuance of this notice by FCA, Binance clarified that the notice is only applicable on BML which is a separate legal entity and does not offer any products or services via www.binance.com.

Source: https://twitter.com/

It further stated that it takes its compliance obligations seriously and has a collaborative approach in working with regulators. They are actively keeping abreast of changing rule, laws and policies in this new space.

Conclusion

It is not just the UK, actions against the functioning of Binance have also been taken by regulators of other countries like China, Japan and Thailand. Slowly governments across the world are realizing that crypto is not just a bubble, but is going to stay with us. Hence they are now becoming more sensitive regarding its boundary of functioning. Also, due to high leverage clubbed with high volatility on few contracts, regulatory bodies intervene in the functioning of such exchanges more frequently.

What is your opinion on such a ban by the government? Do let us know in the comment box below.

Sources

  1. https://www.binance.com/en/support/announcement/1e89bf44e2e041358e6b46dc9bad0b48   
  2. https://www.cnbc.com/2021/06/28/cryptocurrency-exchange-binance-banned-by-uk-regulator.html
  3. https://www.coindesk.com/podcasts/the-breakdown-with-nlw/uk-binance-ban?utm_source=rss&utm_medium=rss&utm_campaign=breakdown-the-real-story-of-the-uk-binance-ban
  4. https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

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