Home / Business / UK watchdog bans trading Binance cryptocurrency (updated)

UK watchdog bans trading Binance cryptocurrency (updated)

Cryptocurrency It recently faced another hurdle in its quest for government recognition. economic situation The UK financial regulator reportedly banned major crypto exchange Binance from conducting regulated activities in the country, including Binance Markets Limited and its parent company Binance Group. The watchdog did not say why it blocked Binance, but noted that The “requirements” made Binance unable to operate.

Binance has until June 30 to confirm that it meets the FCA’s requirements.

Engadget has asked Binance for comment. In the past, the company said it had regulatory obligations. “Seriously” and “committed”

; to the rules wherever they operate.

It was a major blow, Binance is one of the largest crypto exchanges in the world. With global locations and industry-leading trading volume of $2.46 trillion as of May 2021, the FCA crackdown has limited trading in the main markets. But it also affects the company’s reputation. It is unclear how easily Binance handled its situation. But under little pressure to act quickly.

Update 6/27 2:55PM ET: Binance told Engadget this should not directly affect activities through its main website. Binance Markets Limited is legally separated and has not launched a business in the UK, the company said. want to hear But it doesn’t always have to be catastrophic.

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