Binance: the world’s biggest cryptocurrency exchange in 2021

U.K. regulator cracks down on Binance, the world’s biggest cryptocurrency exchange:

A leading UK financial regulator has ordered Binance, the world’s largest cryptocurrency exchange, to suspend regulated activities in Britain, the latest attempt by a world government to curb cryptocurrency-related activities.

The Financial Conduct Authority followed the Binance ban with a warning to consumers: beware of ads that promise high returns on investments in cryptocurrencies or cryptocurrency-related products. The UK action mirrors that of Japan, where financial regulators informed Binance last week that he was not allowed to do business in the country.

The regulatory warning shots underscore the inherent tension of digital currency, which finds room among a growing number of new investors, though it has since been skeptical of antiquated governments and financial institutions because of their volatility and usage.

The extreme unpredictability of the cryptocurrency market was revealed last week when hundreds of billions of dollars in value evaporated on news of China’s suppression of bitcoin mining. But as of Monday night, bitcoin traded more than 6%, about $34,500, and the total cryptocurrency market is moving about $1.4 billion, according to CoinMarketCap.

Consumers in the UK can still use Binance for activities not regulated by the FCA, such as buying and selling bitcoins. Binance said in an email to the Washington Post that the FCA’s notice “has no direct impact” on the services offered on its website.

“We are aware of recent reports of a UK FCA notice regarding Binance Markets Limited (BML).

BML is a separate legal entity and does not offer any products or services through the Binance website with, “read email”. the relationship with our users has not changed. “

The FCA had previously warned that dozens of cryptocurrency companies seeking approval could not meet money laundering requirements. He also cites price volatility and consumer protection as one of his biggest concerns about the cryptocurrency landscape.

“Investing in cryptocurrencies, or related investments and loans, often carry big risks with investor money,” the FCA said in a January statement. “If consumers invest in these types of products, they must be willing to lose all their money.”

Only five cryptocurrency companies are registered with the FCA, including Gemini and Ziglu, a UK digital wallet company. Binance, which according to its website offers 2 billion transactions a day, filed its FCA petition on May 17 and then withdrew, the Wall Street Journal reported.

Coinbase, the largest exchange in the United States, has 56 million users, highlighting the rapid growth of the market. It’s worth over $51 billion.

Global adoption and investment in cryptocurrencies are increasing as some regulators set limits and restrict activities related to cryptocurrencies. In China, the oppression of bitcoin miners has led to years-old enforcement that prevents companies from providing financial services for cryptocurrencies.

Other governments are struggling to create new rules to protect consumers without sacrificing the potential for financial innovation.

In the United States, the chairman of the Securities and Exchange Commission has asked a federal watchdog to oversee the exchanges of cryptocurrencies, the platforms where people can buy and sell tokens, as no market regulator has clear jurisdiction over them. “Right now, trading in these cryptocurrencies has no regulatory framework, either on the SEC or on our sister agency, the Commodity Futures Trading Commission,” SEC President Gary Gensler told Congress last month.

Biden government officials recently launched an investigation into possible oversight measures related to speculative trading in the cryptocurrency market and the possible use of cryptocurrencies to facilitate crime. Tax evasion is another big issue for policymakers – the White House and the Treasury Department are backing a new plan to fight cryptocurrencies as part of a broader effort to ensure tax compliance.

While US cryptocurrency investors trade cryptocurrencies

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