June 29, 2021
1 min read

UK bans major crypto exchange Binance

Binance has until June 30 to confirm that it’s honoring the FCA’s demands, citing Financial Times, Engadget reported…reports Asian Lite News.

The UK’s Financial Conduct Authority has banned the major crypto exchange Binance from conducting regulated activity in the country, including Binance Markets Limited and its parent Binance Group, the media reported.

The watchdog didn’t say just why it blocked Binance but noted that an “imposition of requirements” kept Binance from operating.

Binance has until June 30 to confirm that it’s honoring the FCA’s demands, citing Financial Times, Engadget reported.

According to the report, in the past, it said it took regulatory obligations “very seriously” and was “committed” to honouring the rules wherever it operated.

Binance is one of the largest crypto exchanges on the planet, with locations around the world and an industry-leading trading volume of about $2.46 trillion as of May 2021.

The FCA’s crackdown could not only limit trading in a major market but hurt the company’s reputation. It’s not clear how easily Binance can address its situation, but it’s under more than a little pressure to act quickly.

Binance told Engadget this shouldn’t have a direct effect on activity through its main website.

Binance Markets Limited is legally separate and has “not yet launched” its UK business, the company said.

ALSO READ-UK economy sees strong growth despite inflation

Previous Story

EU, WHO unveil new tool for contact tracing

Next Story

AZ tests booster jab to counter Beta variant

Latest from -Top News

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

India-EU Trade Deal Breakthrough Soon?

Negotiators report increased momentum in discussions, which have been given a boost from US President Donald Trump’s tariff offensive…reports Asian Lite News India and the European Union aim to finalise a trade

Europe Seeks Peace in Gaza

European countries condemn Israeli interception of Gaza-bound flotilla, demand safety of citizens…reports Asian Lite News Israel’s interception of an international flotilla carrying humanitarian aid to Gaza has sparked condemnation across Europe, with

GAZA: Egypt to Host Peace Talks

Egypt hopes the discussions will help “end the war and the suffering of the brotherly Palestinian people, which has continued for two consecutive years…reports Asian Lite News Egypt will host Israeli and

‘My Injuries Made Me’

During his four-year battle with injury, the incumbent fast bowling spearhead made occasional appearances but couldn’t bear the workload and demands of red-ball cricket….reports Asian Lite News England tearaway Jofra Archer believes
Go toTop

Don't Miss

UK A-level top grades reach record high

This second year of replacement results after exams were cancelled,

Boris hails £10 billion Qatari ‘vote of confidence’ in the UK

UK-Qatar trade was worth £4.8 billion last year and Qatari