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    Home » The U.K. Bans Binance Markets Ltd as Crackdown on Cryptos Exchange Intensifies
    Crypto News

    The U.K. Bans Binance Markets Ltd as Crackdown on Cryptos Exchange Intensifies

    June 28, 20211 Min Read
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    The U.K. Bans Binance Markets Ltd as Crackdown on Cryptos Exchange Intensifies
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    U.K.’s Financial Conduct Authority, has given Binance Markets Ltd until 30th of June to remove all advertising and financial promotions.

    • Binance Markets must also make it known through its website and social media platforms that it is not allowed to operate in the U.K.
    • In order to resume business in the U.K, Binance Markets must obtain a prior written authorization.
    • The move comes amid enforcement clampdown on cryptos over concerns of its possible use in money laundering. 
    • Binance pulled out an application to the 5MLD anti-laundering policy, majority crypto asset traders are not complying with set standards under money laundering regulations.
    • Crypto bigwigs take strict regulatory requirements, as a sign of market maturity and more safety precautions may lure more investors.

    Cryptocurrency exchange was not influenced by the move as Bitcoin rose 6.8% at $34,854 while Binance Coin went up 2.8% in the last 24 hours.

    BTCUSD is down 1.43%, EURUSD is down 0.24%

    Source: FCA Register

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