Home Business Cryptocurrency exchange Binance: UK FCA regulations have no direct impact… Why?

Cryptocurrency exchange Binance: UK FCA regulations have no direct impact… Why?

by news dir
While the British financial authorities have ordered the cessation of trading on Binance, the world’s largest virtual (crypto) currency exchange, Binance is drawing attention by stating that “there is no direct impact.”

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According to major foreign media such as the Financial Times (FT) and Bloomberg News on the 27th (local time), the British Financial Supervisory Authority (FCA) said in a statement the previous day, “Binance holds any domestic licenses to operate in the UK. It is not,” and ordered the suspension of operations of Binance Markets Limited (BML). In accordance with the FCA’s order, Binance must suspend advertising activities until the evening of the 30th.

In response, Binance tweeted on the same day that the UK regulation did not directly affect trading on its website, Binance.com.

Binance claims that it has not yet launched a business in the UK, saying, “We understand that the FCA announcement is related to Binance Market. However, Binance Market is a separate entity that provides products and services through Binance.com. I don’t,” he explained.

The company claims that Binance Group acquired Binance Markets in May of last year, but had not launched a business in the UK and had not used regulatory approvals from the FCA.

Meanwhile, FT said, “Binance is one of the most important players in the rapidly emerging cryptocurrency market. It provides services such as dozens of digital coins, futures, options, stock tokens, savings, and loan transactions.” Citing data from TheBlockCrypto, Binance reported that cryptocurrency trading volume reached $1.5 trillion last month.

“The British financial authorities blocked Binance,” he added, adding that the FCA’s action was taken while governments around the world, including the United States, Japan, and Germany, were investigating Binance. Bloomberg also pointed out that “(the UK authorities’ move) came after reports that several US institutions were recently investigating Binance.”

According to the FT, Japanese financial authorities warned of unauthorized trading on Binance on the 25th. At the time, the Japanese side claimed that Binance was trading cryptocurrencies with Japanese citizens without permission. The U.S. Department of Justice and the Internal Revenue Service are investigating allegations that Binance was involved in money laundering, and in April, German financial authorities issued a warning to investors that Binance was allegedly violating securities laws.


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