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United Kingdom Prohibits Some of Binance’s Services

29 June 2021, 12:51
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Following the latest news on cryptocurrency in the UK, Binance Markets Limited has no authorization, registration, or license for regulated activity in the country. Find more details below.

United Kingdom Prohibits Some of Binance’s Services

The United Kingdom is one of the countries where trading cryptocurrencies is not regulated by the government. But other similar activities like selling derivatives must require approval.

There was a statement from the Financial Conduct Authority, which said that BML “is not permitted to undertake any regulated activity in the UK.” This crackdown by regulators has rattled crypto investors. It was also a cause of declining prices.

There was also a new order for Binance Markets Limited to keep records related to UK citizens. During the next few days, this company must share on the website updated information that reads “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”

Cryptocurrencies in the world

After a record high near $65 000 in April, Bitcoin has tumbled in recent months. However, the Bitcoin price wasn`t even bothered by regulatory pressure on Binance. For the last 24 hours, it gained more than 5% to trade $34 800 on Monday.

Other countries weren’t thinking too long. Japanese regulators sent warnings to Binance on Friday. The company also won`t service customers in Ontario, Canada, anymore, after ramped up oversight of crypto markets. China also didn’t stay away from this. The government has made every possible step not to tolerate cryptocurrency trading.

After all this heightened attention of regulators around the world, crypto prices have tumbled. Even cryptocurrency exchange Coinbase shares fell so low after the platform went public two months ago.

Read more: What to choose between Ethereum or Bitcoin

Read more: Cryptocurrency and blockchain in betting

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