Cryptocurrency faces a significant setback. Digital money just faced another obstacle in the quest for government acceptance. According to reports by financial terms, UK’s financial conduct author has banned the major crypto exchange Binance from carrying out a regulated activity in the country, including Binance markets limits and its parent Binance group.
The watchdog didn’t say just why it stop Binance from carrying out operations in the country, but an imposition of requirements keep Binance from operating.
Binance gas until 30th June to confirm that it’s honoring the FCA’s demands. Binance has commented in the past when asked, it said it took regulatory obligations very serious and was committed to honoring the files where it operated.
This is a huge impact. Binance is one of the biggest crypto exchanges on the planet, with a location around the world and an industry-leading trading volume of about $2.46 trillion as of May 2021. This ban will not only limit trading in a major market but will also damage the company’s reputation.
It’s not clear how Binance will address the situation, but it’s under more than a little pressure to act quickly.
Update 6/27/2:55PM ET: Binance told Engadget that this should not have any impact on activity on its main website.