The UK is lagging behind crypto exchange Binance on. The yellow giant has a warning received from the UK Financial Conduct Authority (FCA), the financial watchdog, stating that it must cease all regulated activities in the UK. In crypto media it seems that Binance should completely cease its activities, but fortunately that is not the case.
As in most countries, trading cryptocurrencies in itself is not a problem. It is not forbidden to bitcoin (BTC) to buy or sell, including in the UK. When other trading products are offered, this becomes a different story. The FCA probably refers to “unregulated activity” as trading futures and options contracts.
Also, Binance must stop all its advertising campaigns. Binance must meet all requirements by June 30:
“The company will remove all advertising and financial promotions it currently has live in whatever form or, where this is not feasible, provide instructions for the removal of all advertising and financial promotions it currently has, by June 30 at the latest. 2021,”
In short, Binance will be allowed to keep its spot exchange up and running. Reports stating that Binance should completely close its doors in the UK is therefore incorrect. This type of news is also called fear, uncertainty, doubt (FUD) messages.
If Binance still wants to offer futures and options contracts, it will have to receive approval from the FCA. Existing crypto companies must do this before March 31, 2022. However, the FCA is known for being very strict when it comes to granting approvals. Only five companies managed to obtain the stamp so far.
The British are keeping a close eye on the crypto sector and crypto in general. Recently the news appeared that the police seized 114 pounds of laundered bitcoins.
The market has been restless in recent weeks, mainly due to China. Read in this news overview the most important news of the past week.
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