The cryptocurrency trading market has seen plenty of ups and downs in recent months and years. Each time a major update rolls in, you’ll see big swings in the rates of the top traded crypto coins. Today, another major development came in as one of the top crypto exchanges in the world was banned from legal use in United Kingdom – Binance!
The financial regulator of Great Britain announced on Friday, 25th June 2021 that use of this leading crypto exchange is now illegal. Additionally, they issued warnings to consumers about the crypto platform that is coming under scrutiny all across the world. There has been continuous talks about Binance hosting transactions that fuel terrorism and other illegal activities.
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The Financial Conduct Authority (FCA) announced that Binance’s UK subsidiary called Binance Markets Ltd “must not, without the prior written consent of the FCA, carry out any regulated activities…with immediate effect.” When leading dailies reached out to Binance for a comment, there was no response or statement given.
The FCA went on to further order Binance to send out a notice on their website and social media channels about this development by 30th June 2021, saying, “BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK.” It’s a big blow for cryptocurrency trading in the country and in fact, across the world as UK is a big market for crypto trading.
FCA however, has not given a complete answer as to why they have gone ahead and made this move. Additionally, Binance has to preserve records and inform FCA that they’ve shut down by 2nd July 2021. For similar stories and updates from the world of cryptocurrency news and trading, stay tuned to ReadScoops.com!
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