Kilinux

Main Menu

  • Home
  • Development agency
  • Major application
  • Sweden project
  • Swedish economy
  • Swedish international

Kilinux

Header Banner

Kilinux

  • Home
  • Development agency
  • Major application
  • Sweden project
  • Swedish economy
  • Swedish international
Major application
Home›Major application›Major Cryptocurrencies Including Bitcoin, Ethereum, Unfazed As UK Regulators Ban Binance

Major Cryptocurrencies Including Bitcoin, Ethereum, Unfazed As UK Regulators Ban Binance

By Suk Bouffard
June 28, 2021
0
0


Top line

The UK’s financial regulator has banned Binance from operating in the country, joining Canada and Japan this weekend as the third major market causing trouble for the world’s largest cryptocurrency exchange as regulators around the world are cracking down on the industry.

Binance has been reprimanded by the FCA


NurPhoto via Getty Images

Highlights

The British Binance entity is not permitted to conduct “any regulated activity in the UK,” the Financial Conduct Authority said, ordering it to remove all promotions and advertisements before close of business on Wednesday and display a prominent notice on his website saying he is not allowed to work in the UK

While the FCA, and the UK as a whole, do not regulate cryptocurrencies, it does require exchanges to be registered in order to operate, which means companies must comply with anti-money laundering measures. silver.

Binance, which withdrew its registration request last month, mentionned the FCA’s opinion has “no direct impact on the services provided on Binance.com,” which is operated by a separate legal entity, adding, “we take our compliance obligations very seriously.”

This is the latest setback for Binance following its exit from Ontario, the populated province of Canada, this weekend and received a scathing rebuke on Friday from the Japanese financial regulator, who warned the exchange it was not. not authorized to operate in the country.

Despite the FCA ban, the market is largely unfazed and the two major cryptocurrencies, bitcoin and ethereum, have risen by around 4% and 9% in the past 24 hours.

Other major cryptocurrencies also rose on Monday, with Ripple’s Cardano, Dogecoin and XRP all surging around 4-5% in the same time frame.

Key context

Binance is fighting fires in markets around the world as regulators work to curb the burgeoning crypto market, driven by a desire to protect consumers and prevent financial crime. In the United States, Binance is under investigation by the Department of Justice and the Internal Revenue Service over concerns that the platform may be used to conceal illegal transactions or evade the tax authorities. China has been particularly strong in cracking down on financial institutions trading in digital assets and cryptocurrency mining, motivated by environmental concerns and a desire to promote financial order.

Further reading

Major cryptocurrencies including Bitcoin, Ethereum, Dogecoin collapse as China steps up crackdown (Forbes)

Leading US regulator exposes disunity in US crypto strategy, warns of rules that stifle innovation (Forbes)

Financial watchdog bans Binance crypto exchange from UK (FT)

China clamps down on crypto trading, says ‘speculative’ trading ‘seriously violates’ financial order (Forbes)

World’s Largest Crypto Exchange Is Having Problems Everywhere (Qz)



Related posts:

  1. CAGR market growth of 6.5% forecast between 2021-2026, with a market value of $ 585.6 million by 2026
  2. Public input to play major role in Newton County Parks Master Plan
  3. Best news from the FDA for the week of September 20, 2021
  4. Major energy storage project proposed near Lebec along the California aqueduct | New

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021

Categories

  • Development agency
  • Major application
  • Sweden project
  • Swedish economy
  • Swedish international

Recent Posts

  • Afghanistan earthquake news and live updates: at least 1,000 dead
  • Tougher times ahead for Swedish economy, says Swedish finance minister
  • IKEA India to hire 7,000 people and seeks to expand its presence in India
  • Germany risks recession as Russian gas crisis deepens
  • Cambodian Man Catches World’s Largest Recorded Freshwater Fish, Scientists Say: NPR
  • Privacy Policy
  • Terms and Conditions