Binance: The Crypto Exchange has been Banned by U.K. Regulators
FCA gave no specific reasoning for the ban
One of the most popular crypto exchange platforms, Binance just got blocked in the U.K. Based on a recent report by Financial Times, the exchange has now been banned in Britain. This block applies to both Binance Markets Limited and the Binance Group.
U.K. bans Binance
The Financial Conduct Authority in the UK said in a statement, “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.”
Though, no specific explanation has been provided regarding this decision. Though, authorities are hinting at an “imposition of requirements”, which means that the platform cannot be running in Britain anymore.
Regarding this, the platform representatives have suggested that the block would not affect the exchange and its users because Binance Markets Limits has not officially launched in the United Kingdom yet.
A representative from Binance stated, “We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML). BML is a separate legal entity and does not offer any products or services via the Binance.com website.”
Just a month ago, the U.S. Department of Justice and Internal Revenue Service also turned its focus towards the cryptocurrency exchange company. The huge cryptocurrency exchange platform has been suspected of money laundering activities.
Both watchdogs are now looking into whether the crypto exchange is involved in money laundering.
Currently, Binance has a total of six companies registered in the United Kingdom. Though, the UK is trying to stop the operations of the parent corporation, Binance Markets Limited, which would automatically put a ban on the others.
As a result of the ongoing battle between Binance and UK regulators, cryptocurrency investors are really confused. Even the most seasoned crypto enthusiasts often fail to understand how the big layers shuffle money in the crypto world to stay ahead of the regulators.
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