The UK bans Binance(BNB) over fraudulent concerns

Cryptocurrency exchange Binance(BNB) has been restricted from operating in the U.K. by the country’s markets controller, in the recent development of a rising crackdown on the crypto market around the world that has shaken crypto investors and provoked prices to decline.

The intervention is a clue of how regulators are cracking down on the cryptocurrency enterprise over the growing suspicions relating to its likely role in unlawful activities such as money laundering and fraud.

Binance(BNB) banned in the UK

While trading of cryptocurrencies is not directly legislated in Britain, but assisting – such as trading in cryptocurrency products do need authorisation.

The FCA isn’t the only regulator closing down on the crypto industry. Japan’s Financial Services Agency cautioned last week that Binance was running in the country without its approval.

The UK ban follows news that Binance will no longer service customers in Ontario, Canada, from December 31st after regulators there intensifies the surveillance on crypto markets.

Meanwhile, China has intensified efforts to stamp out crypto presumption, decreeing digital currency miners to cease operations in several regions and instructing banks and payment enterprises not to provide crypto-related services.

Read more: Why China is crushing crypto currencies

Binance Markets Limited is not authorized under the FCA’s cryptocurrency registration rule, which is obliged for UK groups offering digital asset services. Binance had applied to become a registered cryptocurrency company with the regulator but pulled that petition last month.

“Binance Markets Limited is a separate legal entity and does not offer any products or services via the Binance.com website. The FCA UK notice has no direct impact on the services provided on Binance.com. Our relationship with our users has not changed,” The Binance spokesperson remarks on the recent ban.

Binance(BNB) is one of the most significant operators in the developing crypto market, offering a broad spectrum of services to consumers around the world. According to data, it recorded crypto trading volumes equal to $1.5tn last month.

Source: CNN

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