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Binance crypto exchange banned from working in the UK

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Binance crypto exchange

Binance crypto exchange banned from working in the UK

Binance crypto exchange in the world has been warned that it cannot provide services in the UK without a license. How will the restrictions affect Binance’s activities and digital asset quotes?

The British financial regulator (FCA) has warned the world’s largest cryptocurrency exchange Binance that it can no longer operate in the country. The regulator claims that the service provider of Binance.com is Binance Markets Limited, part of the Binance Group, which is not licensed to operate in the UK.

The FCA also warned of the dangers of investing in crypto assets. The department notes that most of the companies offering such services are not licensed in the UK, so investors will not be able to contact the financial ombudsman and claim compensation for losses.

Representatives of the crypto exchange referred to the official announcement of the site, which states that the FCA warning does not affect the services provided by the Binance.com website. The site representatives noted that Binance Markets Limited is a separate legal entity and does not offer services through the Binance.com website.

In the next few weeks, the Binance crypto exchange may warn British users that their accounts will be closed, said Ivan Petukhovsky, co-founder of the UK-registered EXMO crypto exchange. In his opinion, the UK does not belong to jurisdictions that are friendly to cryptocurrencies, and there is a clear regulation of financial activities in the country, which implies registration with the FCA.

“Regulation is an undeniable factor in market growth. As more and more institutional investors become willing to invest in cryptography, the risks are decreasing, ” Petukhovsky said.

The “Wild West” phase for the crypto sector is almost over, and exchanges that comply with AML (Anti-Money Laundering) and KYC (Customer Identity) rules are finally getting some advantages in this highly competitive market, expert believes.

The UK’s decision may be related to the events of the first half of 2021, when cryptocurrencies showed the highest volatility in history – strong growth at the beginning of the year, then a sharp decline.

So far, the actions of the regulator only limit the activities of the largest cryptocurrency exchange, which operated without a license in the country, but Binance can restore its activities in the UK if it opens its own licensed division in the country.

We remind you that in May it became known that the Department of Justice and the US Internal Revenue Service initiated an investigation against the Binance crypto exchange. State authorities conduct inspections for violations in the field of combating money laundering and tax legislation. So far, no charges have been brought against the site.

In March 2021, Binance became a defendant in an investigation by the United States Futures Trading Commission (CFTC). The regulator studied the work of the company for the admission of American residents to trade in crypto derivatives in the absence of an appropriate license.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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