UK Bans World’s Largest Crypto Exchange In Crackdown On Potential Money Laundering

  • The UK bans Binance Markets from any regulated business in the country, which extends a global crackdown on cryptocurrencies.
  • In a notice dated June 25, the Financial Conduct Authority said that Binance Markets Ltd “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”.
  • This action extends a UK regulatory crackdown on the cryptocurrency sector as a result of concerns for its potential involvement in money laundering and fraud.

Al Jazeera writes:

“Britain’s financial regulator has said Binance, one of the world’s largest cryptocurrency exchanges, cannot conduct any regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally.

In a notice dated June 25, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”.

It also issued a warning to consumers about Binance Markets and the wider Binance group.

Binance said in a statement Binance Markets, which it acquired in 2020, was not yet using its regulatory permissions, and that the FCA’s move would not affect services offered on its website – Binance.com.

“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space,” a spokesperson said.

Binance announced in June last year that it had bought an FCA-regulated entity and would use it to offer cryptocurrency trading services using pounds and euros.

The move extends a regulatory crackdown on the cryptocurrency sector amid concerns about its potential involvement in money laundering and fraud…”

See full story here.



Categories: Business, Government, International, Tech

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