![]() Saponaro also adds that all exchanges need to be decentralised, allowing users to have complete control over the cryptocurrency. This is just opposite to what Blockchain and Cryptocurrency technologies were designed to do. “The real problem with cryptocurrency exchanges is that they are still centralised, in that there is still a central authority that takes custody of the users’ money, almost like a bank.” In an interview with BBC, Mr Saponaro, who co-founded the crypto-currency Divi and the blockchain payments ecosystem Divi Project, says, It offers other products including, Binance Exchange, Binance Academy, Binance Card, Binance Labs, Binance Charity Fund, Binance Launchpad, Binance Research, Trust Wallet, and NFT. Based out of the Cayman Islands, Binance witnesses more than 1.4 million transactions per second. What is Binance?įounded by Canadian-Chinese developer Changpeng Zhao, Binance is a cryptocurrency exchange platform that combines digital technology and finance. On top of that, Japan’s Financial Services Agency (FSA) warned Binance for its operation in the country without permission. Last week, the world’s largest cryptocurrency exchange pulled out of Ontario, Canada, after the Ontario Securities Commission (OSC) was accused of failing to comply with provincial regulations. The cryptocurrency exchange platform has faced several issues from various countries including, the US, Canada, Japan, and Germany.Īccording to Bloomberg, Binance Holdings has been probed by the US Securities and Exchange Commission (SEC) for money laundering and tax offences. This is not the first time Binance has come under scrutiny. “No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct a regulated activity in the UK,” says FCA.īesides setting up an exchange in the UK, FCA also ordered Binance to stop any form of advertising by June 30. ![]() Since Binance is not registered with the FCA, hence it is not allowed to operate an exchange in the UK. Meaning, there won’t be any impact on the UK residents who use the website to purchase and sell cryptocurrencies. It’s worth mentioning that Binance’s existing crypto-exchange is not based out of the UK. Is it legal to buy and sell cryptocurrencies on Binance in the UK? ![]() It also advised people to be wary of advertisements online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products.įCA’s move comes as regulators globally are scrutinising the crypto-sector due to the potential for use in money laundering and other illegal activities. In a notice, Financial Conduct Authority (FCA) said, “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”Īs a result, Binance is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. According to the latest reports, Binance, the world’s biggest cryptocurrency exchange, has been banned in the UK now.
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