The Truth About Binance Banned In The UK (UK)

Bitcoin had dropped to $ 30,000 over the weekend and then rebounded. The news affected the market as the short orders on Bitfinex were very strong and closed at the end of the week. One more thing that causes confusion is the UK government banning Binance exchanges. However, Thuan doesn’t believe that this information will have much of an impact on the price of Bitcoin.

Binance banned in the UK?

Many crypto channels have had articles recently titled on the UK’s Binance Exchanges Ban, but there is no clear information on this. These articles come from the official announcement by the UK Financial Conduct Authority (FCA).

The FCA announced on Saturday that the company Binance Markets Limited and the Binance Group do not have any authorization to engage in regulated activities in the UK, but still offer citizens a wide range of services.

In the UK, the authorities do not prohibit or control bitcoin, ether or normal crypto trading. However, the FCA will control certain crypto-related trading products such as futures and options trading (futures products, margin, options).

Binance has been asked to stop offering margin, options and futures services in the UK until June 30th. The FCA has also asked Binance to post a notice on their website and social media that they are not doing any of the above activities in that country. At the same time, Binance must also report the results to the agency by July 2.

In 2020, the UK passed a law on the registration of cryptocurrency exchanges operating in the country to demonstrate transparency and combat money laundering. However, the registration deadline for exchanges has been postponed several times as only a handful of companies have registered.

So far, the FCA has only approved five crypto firms: Gemini, Arcax, Ziglu, Digivault, Diginex’s crypto-custody business, and Mode Global Holdings. Therefore, the FCA will postpone the registration and approval period for crypto exchanges to March 31, 2022.

Binance will launch Binance.US

Binance announced a legal entity as Binance Markets Limited in June 2020 after acquiring an FCA registered company called EddieUK. So as soon as there was an announcement from the FCA, Binance quickly made an official announcement.

In the near future, Binance will launch the Binance.UK exchange operated by Binance Markets Limited. The exchange will provide services for buying, selling and trading cryptocurrencies with British pounds sterling (GBP) and euros (EUR). Binance.UK’s services are aimed at UK retail and institutional investors as well as European customers.

In the past, Binance has come across a lot of information about bans in China and Japan, but that exchange was very quick to release information to keep users feeling safe. To date, Binance is the largest cryptocurrency exchange in the world by trading volume. The exchange recorded over $ 1.5 trillion in trading volume last month.

Legally, Binance.com is difficult to operate in many countries at the same time due to the legal requirements and financial evidence in each country. Therefore, when doing business in different countries, Binance often registers a company in that country as a legal entity to ensure compliance with the law. For example, in the USA there is Binance.US or soon in Great Britain there is Binance.US. The same applies to the Coinbase exchange.