Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Binance => Topic started by: mlawson71 on August 28, 2021, 01:42:52 PM
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Two months ago the British regulator FCA banned Binance after declaring the exchange unfit to operate in the UK, but today it cleared them for operation in its jurisdiction once again.
In June the FCA warned traders that Binance was “not permitted to undertake any regulated activity in the UK.” That occurred during a growing regulatory scrutiny over the exchange on a global level – the financial regulators in Hong Kong, Japan, Thailand, Malaysia, and several EU countries declared the operations of the exchange in their jurisdiction illegal.
Binance ended up pulling out of Malaysia altogether and stopped offering crypto derivatives in Hong Kong, Germany, Australia, Italy, and the Netherlands.
In the UK they apparently took multiple steps to clean up their act and comply with the FCA’s regulatory requirements – that included rolling out mandatory KYC requirements, lowering the leverage on its futures products from 1:125 to 1:20, and removing some products altogether, such as tokenized stock offerings, among other things.
Source (https://www.forexbrokerz.com/news/fca-clears-binance-saying-that-the-exchange-has-complied-with-its-requirements)
All is well when it ends well, I guess.