The UK's FCA Banned Binance. What Impacts Does it Have?

by in Cryptocurrency News

Binance UK

On June 26, the UK's Financial Conduct Authority (FCA) published a consumer warning on banning the crypto exchange platform Binance from delivering operations in the country. The decision refers to Binance Markets Limited (BML) and the main company Binance Group.

Related: Binance Chain daily transactions plummet 60% in a month

The regulatory body didn't clarify reasons for blocking but mentioned that the "imposition of requirements" suggests the stop of the platform's operations. Binance ought to announce it's accepting the decision by June 30.

However, the FCA's crackdown couldn't confine trading in a major market. Binance announced there won't be a direct effect on activity via its main site as BML is separate and hasn't launched.

In a separate tweet, the company said it takes compliance responsibilities seriously and therefore prefers collaborating with regulatory bodies.

Users can carry out operations on Binance platforms like before, and there is nothing changed practically. The leading platform was founded in 2017 July. On June 26, Binance Smart Chain announced that the number of transactions reached 700 million.