: UK watchdog bans cryptocurrency exchange Binance #IndiaNEWS #Insights The UKs Financial Conduct Authority has banned the major crypto exchange Binance from conducting regulated activity in the country,

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UK watchdog bans cryptocurrency exchange Binance #IndiaNEWS #Insights
The UKs Financial Conduct Authority has banned the major crypto exchange Binance from conducting regulated activity in the country, including Binance Markets Limited and its parent Binance Group, the media reported.



The watchdog didnt say just why it blocked Binance but noted that an imposition of requirements kept Binance from operating.



Binance has until June 30 to confirm that its honoring the FCAs demands, citing Financial Times, Engadget reported.



According to the report, in the past, it said it took regulatory obligations very seriously and was committed to honouring the rules wherever it operated.



Binance is one of the largest crypto exchanges on the planet, with locations around the world and an industry-leading trading volume of about .46 trillion as of May 2021.



The FCAs crackdown could not only limit trading in a major market but hurt the companys reputation. Its not clear how easily Binance can address its situation, but its under more than a little pressure to act quickly.



Binance told Engadget this shouldnt have a direct effect on activity through its main website.



Binance Markets Limited is legally separate and has not yet launched its UK business, the company said.

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