Britain has struck at cryptocurrencies

News

Britain has struck at cryptocurrencies

30.06.2021 News

The British financial regulator has banned one of the world’s largest cryptocurrency exchanges Binance from trading cryptocurrencies in the country.

The UK has struck a blow by forcing the exchange on its website and social media pages to indicate a lack of the right to work in the country.

“Binance shall not engage in any regulated activity without the prior written consent of the FCA,” the Office of Financial Conduct said in a statement.

However, these kingdoms may still use Binance in other jurisdictions.

The regulator is tightening oversight of cryptocurrency trading, the popularity of which has risen sharply in the UK recently.

A year earlier, Binance announced the purchase of a company regulated by the Financial Conduct Authority to trade cryptocurrencies using pounds sterling and euros.

However, since January, the regulator has required all companies involved in cryptocurrency to register and comply with anti-money laundering rules.

So far, five companies have registered, most of which still do not comply with the requirements of the British authorities.

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