UK Watchdog Bans Cryptocurrency Exchange Binance
The UK's Financial Conduct Authority has banned the major crypto exchange Binance from conducting regulated activity in the country, including Binance Markets Limited and its parent Binance Group, the media reported.
London, June 28: The UK's Financial Conduct Authority has banned the major crypto exchange Binance from conducting regulated activity in the country, including Binance Markets Limited and its parent Binance Group, the media reported.
The watchdog didn't say just why it blocked Binance but noted that an "imposition of requirements" kept Binance from operating. 'Cryptocurrency Is Promising, but Please Invest With Caution!' Elon Musk’s Tweet on Dogecoin Obsession Goes Viral
Binance has until June 30 to confirm that it's honoring the FCA's demands, citing Financial Times, Engadget reported.
According to the report, in the past, it said it took regulatory obligations "very seriously" and was "committed" to honouring the rules wherever it operated.
Binance is one of the largest crypto exchanges on the planet, with locations around the world and an industry-leading trading volume of about $2.46 trillion as of May 2021.
The FCA's crackdown could not only limit trading in a major market but hurt the company's reputation. It's not clear how easily Binance can address its situation, but it's under more than a little pressure to act quickly.
Binance told Engadget this shouldn't have a direct effect on activity through its main website.
Binance Markets Limited is legally separate and has "not yet launched" its UK business, the company said.
(The above story first appeared on LatestLY on Jun 28, 2021 02:13 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).