TechBookyBusiness
No Result
View All Result
Sunday, June 26, 2022
  • Login
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us
Subscribe
TechBooky Business
No Result
View All Result
Home Cryptocurrency

Regulators In The UK Ban Crypto Exchange Platform Binance

Binance probe continues in the United States

Ibhadojemu Lucky Emmanuel by Ibhadojemu Lucky Emmanuel
June 28, 2021
in Cryptocurrency, Government
Share on FacebookShare on Twitter

Binance – one of the largest cryptocurrency exchange platforms in the world has been banned by regulators in the UK. What this means is that the Cayman Islands-domiciled exchange platform can no longer go on with any regulated activity in the UK.

The ban was issued in a statement dated June 25th by the Financial Conduct Authority (FCA). The financial regulator, in its statement, declared that Binance could no longer conduct any regulated activity and that consumers should be wary of using the platform in any way. “Binance Markets Limited is not permitted to undertake any regulated activity in the UK”, the FCA said. Recently, the exchange platform has been under strict scrutiny from different regulators across various countries and this is another addition to its woes.

According to the FCA statement Binance Markets Ltd., which is the platform’s only regulated entity in the UK, “must not, without the prior written consent of the FCA, carry out any regulated activities”, and this was to take effect immediately.

Although cryptocurrency trading is not directly regulated in the UK, other related activities that include selling derivatives require approval. Warning consumers about using the platform (and other crypto exchange platforms), and the risks arising from the volatility of crypto assets, the FCA said that “be wary of adverts online and on social media promising high returns on investments in crypto assets-related products”.

Read more: Federal Investigation: The DoJ and IRS Are Currently Probing Binance

In a statement, Binance revealed that Binance Markets which was acquired in 2020, had not put its regulatory permissions to use and that the FCA’s decision would in no way affect its services offered on its website.

According to a Binance spokesperson who spoke to CNN Business, the exchange is “…aware of recent reports about an FCA UK notice in relation to Binance Markets Limited. BML is a separate legal entity and does not offer any products or services via Binance.com website. The FCA UK notice has no direct impact on the services provided on Binance.com. Our relationship with our users has not changed”.

Binance was at one point headquartered in China, which was formerly the haven for cryptocurrency establishments. The company had to move in advance of the Chinese government’s ban on cryptocurrency trading. As of January 2018, Binance was the largest cryptocurrency exchange with a market capitalization of $1.3 billion.

China’s anti-crypto crackdown measures have thrown the crypto market upside down with more than $300 billion wiped off the market as a results of recent crackdown actions.

“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules, and laws in this new space”, the spokesperson added.

The FCA had demanded that by June 30th, Binance must put up a notice on its website and social media platforms that “Binance Markets Limited is not permitted to undertake any regulated activity in the UK”.

Since the beginning of this year, the FCA has requested that all companies providing crypto-related services should register and comply with the established anti-money laundering rules. As revealed by the FCA, only five of these crypto services providers had registered as of June.

The FCA has still not revealed the reason for taking these measures.

Total
0
Shares
Share 7
Tweet 0
Pin it 0
Share 0

Related Posts:

  • Binance Receives Approval From Abu Dhabi Regulators To Operate Digital Assets
    Binance Receives Approval From Abu Dhabi Regulators To…
  • Binance Suspends Payments From EU’s SEPA Network
    Binance Suspends Payments From EU’s SEPA Network
  • Thai Regulators Hit Crypto Exchange Platform Binance With A Criminal Complaint
    Thai Regulators Hit Crypto Exchange Platform Binance With A…
  • Binance CEO Says He Is Willing to Step Down Whenever He Finds Someone That Can Do A Better Job
    Binance CEO Says He Is Willing to Step Down Whenever He…
  • Binance Is Unauthorized To Sell Stock Tokens, Hong Kong Regulator Says
    Binance Is Unauthorized To Sell Stock Tokens, Hong Kong…
  • South Africa And Singapore Add To The List Of Countries To Warn Against Binance
    South Africa And Singapore Add To The List Of Countries To…
  • Binance Ceases Operations In Singapore After Regulator's Warning
    Binance Ceases Operations In Singapore After Regulator's…
  • Binance Hires Former US Treasury Criminal Investigator
    Binance Hires Former US Treasury Criminal Investigator
Tags: binancecryptocurrencygovernmentukunited kingdom
Previous Post

Elon Musk And Jack Dorsey To Speak About Bitcoin At A Pro-Bitcoin Adoption Event Next Month

Next Post

Bids for World Wide Web Source Code Have Jumped To $2.8m From An Opening Price Of $1,000

Next Post
Bids for World Wide Web Source Code Have Jumped To $2.8m From An Opening Price Of $1,000

Bids for World Wide Web Source Code Have Jumped To $2.8m From An Opening Price Of $1,000

No Result
View All Result

Get top tech business news in your inbox

subscription from
Loading

Crypto Price List

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
  • TadpoleTadpole(TAD)
    $7.32-1.74%
  • SEENSEEN(SEEN)
    $2.05-2.27%
  • EvedoEvedo(EVED)
    $0.082301-0.80%
  • MarginswapMarginswap(MFI)
    $0.184213-2.11%
  • SakeTokenSakeToken(SAKE)
    $0.0127135.28%
  • WTF TokenWTF Token(WTF)
    $0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)
    $0.005461-5.83%
  • RobotinaRobotina(ROX)
    $0.00266138.50%
  • CageCage(C4G3)
    $0.005010-3.67%
  • YAM v2YAM v2(YAMV2)
    $4.70-1.41%

Recent Posts

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Get top tech business news in your inbox

subscription from
Loading

Popular Tags

Acquisition africa amazon apple bitcoin cbn china coinbase company crypto cryptocurrency e-commerce E-Naira earnings earnings season elon musk facebook fintech Funding gadget google government india Investment ipo kenya microsoft money netflix nigeria payment payments Q1 revenue russia service shares social media Startup Stock tech tesla twitter Ukraine whatsapp

Calendar

June 2022
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930  
« May    

Categories

  • Acquisition
  • Acquisition & Merger
  • App
  • Banking
  • Capital
  • Cryptocurrency
  • Earnings
  • Ecommerce
  • Economy
  • Enterprise
  • Event
  • Funding
  • Gadget
  • Government
  • internet
  • Investment
  • Market
  • Merger
  • Money
  • Partnership
  • Personnel
  • Service
  • Social Media
  • Startup
  • Stocks
  • telecom
  • Venture Capital

Recent News

  • Fintech Playter Secures $55 million to scale its BNPL offering for SMEs
  • Payment Startup SumUp Gets $624 Million In Funding At A New Valuation Of $8.5 Billion
  • E-commerce giant eBay Acquires NFT Marketplace KnownOrigin
  • Big Data Startup Zenysis Gets $13.3 Million In Series B Funding, To Scale Its Platform Across Africa And Others
  • Raba Partnership Leads API Startup Connecting African Businesses Thepeer’s $2.1 Million Seed Funding Round
  • Nigeria’s Healthtracka Raises $1.5 Million In Seed Funding

© 2021 Techbooky Business - Design by Techbookyelite.

No Result
View All Result
  • Home
  • TechBooky
  • Africa
  • TV
  • Startup
  • Earnings
  • Crypto Price
  • Submit Article
  • Contact Us
  • About Us

© 2021 Techbooky Business - Design by Techbookyelite.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$21,325.001.16%
  • ethereumEthereum(ETH)$1,224.732.72%
  • tetherTether(USDT)$1.00-0.02%
  • usd-coinUSD Coin(USDC)$1.00-0.12%
  • binancecoinBNB(BNB)$239.122.75%
  • rippleXRP(XRP)$0.3653162.34%
  • Binance USDBinance USD(BUSD)$1.00-0.27%
  • cardanoCardano(ADA)$0.515.09%
  • SolanaSolana(SOL)$40.471.04%
  • dogecoinDogecoin(DOGE)$0.07399011.73%
  • polkadotPolkadot(DOT)$8.092.30%
  • Shiba InuShiba Inu(SHIB)$0.0000122.85%
  • AvalancheAvalanche(AVAX)$20.813.51%
  • matic-networkPolygon(MATIC)$0.593.08%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000071-5.36%
Posting....