UK financial watchdog bans Binance crypto exchange

The British Financial Conduct Authority has issued an announcement for the cryptocurrency exchange Binance Markets Ltd., prohibiting the company from trading within the United Kingdom. “Binance Markets Limited is not allowed to conduct any transactions in the United Kingdom,” the FCA said in a statement.

 

In fact, the Authority gave Binance a deadline until Wednesday, June 30th, to remove the ads and financial offers to the British. It also demanded Binance to state on all social media that it does not trade in the United Kingdom.

 

The decision of the British Authority is one of the most important moves worldwide, as it made clear the “power” of regulators over the cryptocurrency industry.

 

The authorities, emphasising on the protection of consumers from any money laundering, are pursuing “harsh regulations”, leading to a sharp drop in cryptocurrencies.

 

The Binance group has not yet made an announcement, but has previously stated that it “takes its obligations and legislation very seriously and commits itself to following the instructions of local regulators.”

 

Binance, among other companies, had applied to the FCA for 5MLD certification, which confirms that the transactions do not result from any illegal activity. However, both Binance and 90% of the other companies were evaluated negatively and withdrew their applications.

 

“A significant number of cryptocurrency companies do not meet the security requirements for money laundering, which has resulted in an unprecedented number of companies withdrawing their applications,” said an FCA spokesman.

 

According to Bloomberg, Binance has been investigated by US regulators in recent months, and recently the Japanese Financial Services Agency issued a warning against Binance, claiming that it offered unregistered encryption services.

 

Cryptocurrency analysts see these harsh regulations as an indication that the market is “maturing”.

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