{"id":285592,"date":"2021-06-28T14:52:35","date_gmt":"2021-06-28T11:52:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uk-bans-cryptocurrency-exchange-binance\/"},"modified":"2021-06-28T14:52:35","modified_gmt":"2021-06-28T11:52:35","slug":"uk-bans-cryptocurrency-exchange-binance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uk-bans-cryptocurrency-exchange-binance\/","title":{"rendered":"#UK bans cryptocurrency exchange Binance"},"content":{"rendered":"

“#UK bans cryptocurrency exchange Binance<\/strong>”<\/p>\n

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The United Kingdom\u2019s financial regulator has banned the popular cryptocurrency exchange Binance from operating in the country \u2014 as governments around the world consider how to regulate the burgeoning sector.<\/p>\n

The UK\u2019s Financial Conduct Authority\u00a0announced Saturday<\/a>\u00a0that Binance Markets Limited, the company\u2019s UK affiliate, \u201cis not permitted to undertake any regulated activity in the U.K.\u201d<\/p>\n

The move will still allow UK residents to access binance.com, the company said, but the FCA added that Binance, the world\u2019s largest crypto exchange by trading volume, has until the close of business on Wednesday to remove all advertising and financial promotions it currently has up.<\/p>\n

By the same date, the FCA said, the company must add a warning in a prominent place on its website and mobile app<\/a> that reads:<\/p>\n

\"Zhao
Zhao Changpeng is the CEO of Binance.<\/figcaption>
Akio Kon\/Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n

\u201cBINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK. Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group holds any form of UK authorisation, registration or license to conduct regulated activity in the UK).\u201d<\/p>\n

In a statement on Twitter<\/a>, Binance noted Sunday that the affiliate targeted by the UK restrictions is a \u201cseparate legal entity\u201d from Binance. <\/p>\n

Even though the FCA\u2019s move bars Binance Markets Limited from offering regulated services in the country, non-registered firms like binance.com can still interact with residents in the UK, the FCA said.<\/p>\n

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We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. <\/p>\n

We are actively keeping abreast of changing policies, rules and laws in this new space. (4\/4)<\/p>\n

\u2014 Binance (@binance) June 27, 2021<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n

The FCA\u2019s move comes almost a month after the regulator issued a statement, saying that a \u201csignificantly high\u201d number of\u00a0crypto firms were failing to meet the country\u2019s recently issued requirements on preventing money laundering.<\/p>\n

Those guidelines prompted several crypto firms, including Binance Markets Limited, to withdraw their applications to officially register with the FCA.<\/p>\n

\"Binance
Binance is the world\u2019s largest crypto exchange by trading volume.<\/figcaption>
REUTERS\/Darrin Zammit Lupi<\/span><\/figcaption><\/figure>\n

It\u2019s just the latest move by regulators around the world to crackdown on and try to reel in the crypto sector. <\/p>\n

Japan\u2019s Financial Services Agency\u00a0issued a warning last that Binance was operating in the country without registration.<\/p>\n

And in China, regulators have escalated their efforts to halt cryptocurrency mining and prevent banks and other financial firms from hosting crypto services.<\/p>\n

In the US, too, Binance is under scrutiny. The Commodity Futures Trading Commission is looking into whether Binance\u00a0allowed Americans\u00a0to make trades that it\u2019s not permitted to host, according to Bloomberg<\/a>. The outlet also reported that the Justice Department and Internal Revenue Service, are investigating the exchange.<\/p>\n

Binance hasn\u2019t yet been accused of wrongdoing by any of the agencies and it remains unclear if the US will seek enforcement action.\n <\/p><\/div>\n