The Binance cryptomen exchange is popular worldwide among fans of cryptomen trading, especially for its wide range of digital currencies and low fees, while also offering various savings and staking services.
However, for several years now, it has also been one of the stock exchanges that are regularly “called” by regulators from countries around the world, starting this year due to suspicions of money laundering and tax evasion. also investigate the US authorities.
Binance receives a hard blow from British regulators, but he will not give up without a fight
As the latest informs BBC, the largest cryptobourse has now received an uncompromising closure order from the UK Financial Management Authority (FCA), which has ruled that the company cannot operate a regulated business in the UK.
However, the stock exchange itself on its Twitter she statedthat this decision does not yet have a “direct impact” on the services it provides through its main website, Binance.com, and whereas the FCA’s warning concerns “only” the non-operated UK branch of Binance Markets Limited (BML), the people of the United Kingdom they can continue to trade through the stock exchange.
We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML).
BML is a separate legal entity and does not offer any products or services via the https://t.co/QILSkzx7ac website. (1/4)
– Binance (@binance) June 27, 2021
However, some users pointed outthat this step of the stock exchange may be in direct conflict with the regulator ‘s statement, which is supposed to apply to all entities in the Binance group, and thus also to the “parent” company that operates the website. The FCA ruling must be complied with by Wednesday, so it is questionable whether the stock exchange will really shut down its services in the country in the near future.
The Binance Group was established in 2017 and has already grown enormously since its inception. It was founded in the Cayman Islands and has offices in Singapore, with branches in several countries around the world, as well as Binance Markets Limited in London.
While Binance claims that its subjects are not connected to it, cryptocurrency entrepreneur Nick Saponaro told the BBC statedthat this is a traditional tactic to avoid regulatory intervention, with Binance simply moving to new jurisdictions several times during its operation.
Major investors have concerns. One of them revealed where the bitcoin value would go
So this is not the first time that the stock market has found itself in the search for regulators. In addition to the above investigation by US authorities for example, the stock exchange on Friday to its clients in Ontario, Canada announcedthat she must stop providing services there because the local Securities and Exchange Commission (OSC) has accused her, along with several other platforms, of violating provincial regulations.
On the same day, the Japanese Financial Services Agency (FSA) is for the second time in three years guarded Binance that in the country provides its services without permission.