Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Mahindra on June 27, 2021, 08:19:34 PM
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The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges.
The intervention by the Financial Conduct Authority in recent days is one of the most significant moves any global regulator has made against Binance, a sprawling digital asset firm with subsidiaries around the world. The exchange has until Wednesday evening to confirm it has complied with the watchdog’s demands, and removed its advertising.
The intervention is a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.
The FCA also this weekend issued a consumer warning against both the Cayman Islands-registered Binance holdings company and Binance Markets Limited, a London-based affiliate that is controlled by chief executive Changpeng Zhao and is overseen by the UK regulator.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” the FCA said, adding, “no other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”
The group did not immediately respond to a FT request for comment, but has previously said it “takes its compliance obligations very seriously and is committed to following local regulator requirements wherever we operate”. information More (https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87)
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Every time we will see many regulations issued by the government, to keep complying with the regulations of each country.
I think we have seen a lot of other exchanges going through the same thing, but users will still be able to use DEX exchanges to trade, in general, every regulation from the government needs to be obeyed because they are worried about less circulation of Fiat currencies and cryptocurrencies can be used to buy anything without the need for a third party.
There is nothing to worry about because we can still trade as usual with P2P transactions
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Only the the people in this region will be affected by this ban because binance will still carry on with business in regions they are accepted, government can't seem to see btc expanding and growing so wide, they must find a way to forcefully bring it down with their constant ban every time, they just like to ban crypto all the time to cause chaos in the market and make weak hands panic sell.