This intervention by the financial conduct authority in recent days as one of the most damaging move, any global regulator has made against binance a sprawling digital asset firm with subsidiaries around the world. The exchange platform has until wednesday evening to confirm it has complied with the watchdog’s demands. Welcome to another bash box video without any further delays, let’s get started as today’s topic is of outmost importance to the crypto community at large. As the financial conduct authority, a regulatory body in the united kingdom has banned binance a popular cryptocurrency exchange platform from offering certain services in the country, finance markets limited is not permitted to undertake any regulated activity. In the uk, the fca said in a statement saturday binance one of the largest crypto exchanges in the world enables investors to buy and trade cryptocurrencies online. As we know, trading cryptocurrencies is not directly regulated in the uk, but other related activities, such as selling derivatives, do require approval. The uk’s financial watchdog has ordered binance to stop all regulated activities in britain and imposed restrictions on one of the world’s biggest cryptocurrency exchanges. Binance said it takes a collaborative approach in working with regulators and we take our compliance obligations very seriously. It added that the fca’s notice has no direct impact on the services provided on binance.com, since binance markets limited as a separate entity. The intervention is a sign of how regulators are cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.

The fca also this weekend issued a consumer warning against both the cayman islands registered finance holdings, company and binance markets limited a london based affiliate that is controlled by chief executive chongpang zhao and is overseen by the uk regulator. Finance markets limited is not permitted to undertake any regulated activity. In the uk, the fca said. Adding no other entity in the binance group holds any form of uk authorization registration or license to conduct regulated activity in the uk, as the entity had applied to become a registered cryptocurrency company with the regulator but allegedly pulled that application last month, as the watchdog confirmed, The application had been dropped following intensive engagement from the fca, the fca’s focus in deciding whether or not to approve such applications is based on a review of controls and practices to prevent money laundering and the financing of terrorism. Binance is one of the most important operators in the fast emerging crypto market, offering a wide range of services to customers around the world, including trading in dozens of digital coins, futures options, stock tokens as well as savings accounts and lending it recorded crypto trading volumes equivalent To 1.5 trillion dollars last month, according to data from the block crypto as part of the fca’s actions, the regulator ordered binance to display by next wednesday, on its website that finance markets limited is not permitted to undertake any regulated activity in the uk. Finance markets limited also, must secure and preserve all records and or information relating to all uk consumers from its systems and halt any advertising and financial promotions finance markets.

Limited was established a year ago, as part of a plan by the broader group to launch a uk focused exchange finance uk, which would have been ring fenced from the wider global operation according to public documents and the two people familiar with the matter. Although the fca has restricted finance from offering services in the uk it’s important to note that british citizens can still access binance’s services in other jurisdictions, london based finance markets limited had permission from the fca to provide consumers with investment services in traditional currencies. Something binance achieved by purchasing a financial company that was already registered with the regulator the transaction was approved by the fca last june, according to public documents. The uk ban follows news of japanese regulators sending warnings to binance on friday. The regulators in japan said the platform. May be operating in the country without proper authorization. Binance will also no longer service customers in ontario canada. As of december 31st after regulators, their ramped up oversight of crypto markets. We are aware of recent reports about an fca uk notice in relation to binance markets. Limited a binance spokesperson said in response to cnn business request for comment. Bml is a separate legal entity and does not offer any products or services via the binance.com website. The fca uk notice has no direct impact on the services provided on binance.com. Our relationship with our users has not changed. It’S still important to note that binance is the safest and cheapest way to buy and exchange cryptocurrency.

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