Binance has been facing scrutiny in the UK after the FCA asked them to stop operations on lacking authorization. Now, until the FCA approves Binance to resume activities, they won’t be able to do so. This means they are not being banned, which was a FUD rather, the exchange is getting regulated in the UK. This is not a very bad thing, as, in the long run, this will remove any uncertainty surrounding crypto and exchanges in the UK.
The statement made by the FCA
The FCA said that Binance doesn’t have any license or authorisation to conduct any activities in the UK. This means until things get sorted out, Binance will have to stop operations in the UK. Binance has not yet said anything on the matter yet. Even in 2018, it has been probed by the FCA regarding a similar matter. But that time, the exchange was able to sort things out by working with regulators.
Binance facing problems from a lot of countries
Being from China, Binance does face a lot of scrutiny from the US and other countries. Recently, many money laundering schemes that were reportedly done through their platform are being investigated by the US. We also have Germany and Japan that have also kept a close eye on the exchange. Japan has warned Binance that they are not registered in the country and are operating without permission. At the same time, Germany has also raised some concerns over the platform.
The markets are still intact after the news, which is a good thing. But it is difficult to say if we continue to get such news how will the market react. As of now, we should hope that Binance sorts out all concerns of the government and continues to operate smoothly.
What are your thoughts on Binance being asked to stop operations in the UK unless FCA allows it? And do you think that the exchange will sort things out? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
