Business & Investment

Cryptographic exchange Binance ordered to suspend operations in the UK

UK and Japanese authorities are Binance Holdings Ltd, the world’s largest cryptocurrency exchange network, in cracking down on the latest regulations on the very popular trading of Bitcoin and other digital assets. Aimed at affiliated companies.

The Financial Conduct Authority, the UK’s leading financial regulator, told consumers on Saturday that Binance’s local units were not allowed to carry out operations related to regulated financial activities.

Binance offers trading of cryptocurrencies and related derivatives, such as futures. The company’s UK division, Binance Markets Ltd., applied for registration with the Financial Conduct Authority and withdrew its application on May 17.

An FCA spokeswoman said in an email that “a large number of crypto businesses do not meet the required standards” under money laundering regulations. “More than 90% of the companies evaluated so far withdrew their applications after our intervention.”

Japan’s financial watchdog issued a statement on June 25, stating that Binance was not registered to do business domestically.

Bitcoin price
BTCUSD,
+ 0.69%

According to CoinDesk data, after a regulatory move, a whip saw broke out on the weekend, dropping 6% from the 5 pm ET level on Friday, and then recovering all lost land, about 33,250 on Sunday. Traded in dollars.

An enhanced version of this report is posted on WSJ.com.

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Cryptographic exchange Binance ordered to suspend operations in the UK

http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-74DE-AF9CEC718883%7D&siteid=rss&rss=1 Cryptographic exchange Binance ordered to suspend operations in the UK

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