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Binance banned: The United Kingdom bans its operation in the country

Binance banned: UK Regulatory Authority banned Binance from operating in the country. The Financial Conduct Authority of Britain said on Saturday that the Binance Markets Limited, the Binance division in the country, “is not allowed to undertake any regulated activity in United Kingdom".

Binance banned
Binance banned: The United Kingdom bans its operation in the country

From 30 June, Binance will have to add a UK user notification to its site and applications, which reads as follows:

"BINANCE MARKETS LIMITED IS NOT ALLOWED TO TAKE ANY ACTIVITY IN THE UNITED KINGDOM. Due to FCA requirements, Binance Markets Limited is not currently allowed to engage in regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group has any form of authorization or license in the United Kingdom to conduct trading".

Binance, the world's largest cryptocurrency exchange trading service, was set to launch its own digital asset market in the UK. However, the service had applied to the FCA to obtain the 5MLD certification, which certifies that the transactions do not result from any illegal activity. Both Binance and other companies were evaluated negatively and withdrew their applications.

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An FCA spokesman said the scope of the ban was limited. Although Binance Markets Limited is not allowed to offer services in the UK, non-registered companies can interact with UK consumers. This means that Binance could still offer crypto transactions to Britons through its website.

Binance United Kingdom
Binance banned: The United Kingdom bans its operation in the country

A Binance spokesman told CNBC: "FCA UK notification has no direct impact on services provided by Binance.com… Our relationship with our users has not changed".

The cryptocurrency exchange service stated that it takes seriously the requirements of the authorities.

See also: Cryptocurrency miners bought 700.000 GPUs in Q1 2021

The FCA is not the only regulator dealing with the crypto industry.

See also: Bitcoin: Falls below $ 30.000 - The crypto market is in "free fall"

The Financial Services Authority of Japan said last week that Binance operates in the country without its license.

Meanwhile, the China has stepped up its efforts to curb speculation from cryptocurrencies, ordering crypto miners to cease operations in certain areas, and urging banks and payment companies not to offer services related to cryptocurrencies. cryptocurrencies.

Source: CNBC

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