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UK bans Binance in a new round of cryptocurrency crackdowns

The world's largest and most popular cryptocurrency exchange, Binance, has been banned in Britain by its regulator watchdog.

@Jak_ConnorTT
Published Tue, Jun 29 2021 2:34 AM CDT   |   Updated Tue, Jul 27 2021 5:07 AM CDT

A statement on Saturday revealed that Binance has been banned in Britain by the UK regulator watchdog.

The announcement comes from the Financial Conduct Authority (FCA), who stated that Binance was "is not currently permitted to undertake any regulated activities without the prior written consent of the FCA." The FCA didn't exactly state why the exchange has been banned, but Binance Markets Limited has until June 30 to notify the FCA that it will comply with its demands and also notify users in the U.K. of the now imposed restrictions.

However, a Bianace spokesperson stated to CNBC, "The FCA U.K. notice has no direct impact on the services provided on Binance.com ... Our relationship with our users has not changed. 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."

Laith Khalaf, a financial analyst at A.J. Bell, commented on the matter via email to CNBC, "The FCA has stated that Binance is not permitted to conduct regulated activities in the U.K. Providing access to cryptocurrencies itself is not a regulated activity, but offering derivatives is, which is presumably the activity the FCA is clamping down on."

The FCA isn't the first regulator to clampdown on the cryptocurrency market, as Japan said last week that Binance was operating within the country without regulatory permission. The clampdown by the FCA comes after China banned 90% of Bitcoin mining operations, causing the value of the coin to plummet all the way back down to $30,000. For more information on this story, check out this link here.

UK bans Binance in a new round of cryptocurrency crackdowns 01 | TweakTown.com
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NEWS SOURCES:twitter.com, cnbc.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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