In accordance with the decision of the British Financial Commission, Binance may not conduct any regulated activities.
It swept the media like a storm as Britain banned Binance, one of the world’s largest cryptocurrencies, as the next step in the campaign against cryptocurrency. The situation is more subtle than that, but it’s definitely bad news for crypto representatives and the company.
british financial authority According to its decision Binance is no longer allowed to engage in any regulated activities and a warning has been issued to consumers against the platform. The decision was not justified by the authority.
According to the FCA, the only UK-regulated Binance company is Binance Markets Ltd. , which should immediately stop all regulated activities (for which Binance wanted to offer cryptocurrency trading services based on the pound and the euro)
However, Binance says that the FCA’s decision will not have a significant impact on the services offered through Binance.com.
This is because cryptocurrency trading is not directly regulated in the UK, even though cryptocurrency derivatives do exist. In any case, British citizens will still be able to access Binance’s services.
At the same time, the FCA will bring cryptocurrency trading, which has soared in Britain, to a close. Since January, companies have been required to register with cryptocurrency services and cooperate with anti-money laundering laws to prove this fact. According to the FCA, only 5 companies are registered, and the majority do not cooperate with the authority.
As for the Binance platform, Japanese authorities say its operation in Japan is illegal, according to a June 25 decision. Bloomberg said that both the US tax authorities and the Department of Justice are investigating the Binance platform.
