• Mon. Jul 4th, 2022

Have the Uk banned Binance crypto exchange?

Byscarcity news

Jun 27, 2021

When I first published this article it was from Financial Times and was not a fair depiction of the events.

Upon further research I found this article below by Craig Taylor and found it breaks down what is happening fairly.

Is Binance banned in the UK?

Today a series of news articles appeared online claiming that Binance had been banned in the UK. Immediately my thoughts turned to withdrawing my funds. But is it actually banned?

 

The headline from Financial Times article couldn’t be worded more clearly …

Financial watchdog bans crypto exchange Binance from UK

Financial Times, Sunday 27th June 2021

A Binance representative didn’t immediately have comment when reached on Sunday. The Financial Times reported the news earlier.

The move extends a regulatory crackdown on the cryptocurrency sector amid concerns about its potential involvement in money laundering and fraud. Binance withdrew an application related to the 5MLD — an anti-laundering directive — on May 17 following “intensive engagement from the FCA,” according to the watchdog, which said the action had been in train for some time

“A significantly high number of cryptoasset businesses are not meeting the required standards under the money laundering regulations, which has resulted in an unprecedented number of businesses withdrawing their applications,” an FCA spokesperson said.

Of the firms assessed, more than 90% have withdrawn applications following the FCA’s intervention.

Binance is being probed by several agencies in the U.S., Bloomberg News reported in recent months.

And Japan’s Financial Services Agency issued a warning against Binance recently, saying it offered crypto services without registration.