Binance Gets Banned in UK

The fact that the largest cryptocurrency exchange agency called Binance had been banned from carrying out business in UK. This is one of the reason that shows the crackdown on the crypto market around the world.

“Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,” a spokesperson for the FCA told CNBC. “The action taken today on Binance Markets Limited has been in train for some time.”

Binance Gets Banned in UK

But there is some of the ways that there can be some cryptocurrency exchange going on. Though Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still interact with U.K. consumers.

A Binance spokesperson told CNBC: “The FCA U.K. notice has no direct impact on the services provided on Binance.com … Our relationship with our users has not changed.”

“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously,” the spokesperson added. “We are actively keeping abreast of changing policies, rules and laws in this new space. The FCA has stated that Binance is not permitted to conduct regulated activities in the U.K.,” Laith Khalaf, financial analyst at AJ Bell, said via email. “Providing access to cryptocurrencies itself is not a regulated activity, but offering derivatives is, which is presumably the activity the FCA is clamping down on.”

However UK is not the only place where Binance is facing a lot of problem with this. Japan had also warned Binance that they are operating in the country without any permission from the government. China had also taken the drastic step of making sure that every cryptocurrency miner had to move out of the country.