The Financial Conduct Authority has come up with an announcement about Binance Market Limited. The BML is the world’s largest cryptocurrency exchange platform, which is facing a ban on its activities in the UK without any kind of prior written consent of the FCA.
FCA has already stated that people who are interested in cryptocurrency must be careful about the advertisements related to high ROI on crypto assets. The main reason for this is that the Binance exchange platform is not at all registered with the FCA. The regulatory authority of the UK has also made its mention that the Binance Group does not hold any form of registration, authorization, or license for any of its financial activities made in the UK. It has also made its order to the Binance Group to take down all its promotion within Wednesday, 30th June.
This is not at all a first-time ban for the Binance exchange platform from a county. As the world’s biggest crypto platform, this group keeps facing severe issues in the US, Japan, Canada, and Germany. A Canadian-Chinese developer, Changpeng Zhao, has founded Binance. Now, he needs to follow all the strict restrictions and instructions that FCA is providing along with other regulatory authorities. The Binance Group is based in the Cayman Islands. On the other hand, Binance Market Limited is a London-based affiliate. The Binance Group is not at all concerned regarding this ban as it will not have any kind of direct effect on the Bitcoin price.
FCA has made its grant for the temporary registration of multiple firms dealing with cryptos. However, this is a signal to all regulatory authorities across the globe that FCA is keeping an eye on the market for a mission. The mission is about the crypto crackdown over concerns such as cyber-attacks and money laundering to the investors. FCA is also focusing on the unusual activities from the Binance Market, which has become a registered company in the UK. However, it has withdrawn the 5MLD application after some time as it failed to meet the anti-money laundering requirements.
Binance has an average daily volume of near 2.0 billion, which is more than 1.4 million transactions per second. Also, it offers products like Binance Exchange, Binance Charity Fund, Binance Academy, Labs, Card, Launchpad, Binance Research, Trust Wallet, and NFT.