{"id":575743,"date":"2021-06-28T16:51:05","date_gmt":"2021-06-28T20:51:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=575743"},"modified":"2021-06-28T16:51:08","modified_gmt":"2021-06-28T20:51:08","slug":"uk-regulators-ban-binance-the-worlds-biggest-cryptocurrency-exchange","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/uk-regulators-ban-binance-the-worlds-biggest-cryptocurrency-exchange\/","title":{"rendered":"UK Regulators Ban Binance, The World\u2019s Biggest Cryptocurrency Exchange"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fuk-regulators-ban-binance-the-worlds-biggest-cryptocurrency-exchange%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=575743&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-903631430-e1624911411821.jpg?w=1200&#038;h=800&#038;ixlib=react-9.0.3\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>The world\u2019s largest cryptocurrency exchange, Binance, has been banned by the UK\u2019s financial regulator, the Financial Conduct Authority (FCA).<\/span><\/p>\n<p><span>\u201cBinance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group),\u201d the regulator announced in a <\/span><a href=\"https:\/\/www.fca.org.uk\/news\/news-stories\/consumer-warning-binance-markets-limited-and-binance-group\"><span>press release<\/span><\/a><span>. \u201cDue to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.\u201d<\/span><\/p>\n<p><span>\u201cNo other entity in the Binance Group holds any form of UK authorization, registration or license to conduct regulated activity in the UK,\u201d the release added. \u201cThe Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.\u201d<\/span><\/p>\n<p><span>\u201cBinance\u2019s existing crypto exchange is not UK-based so, despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies,\u201d the <\/span><a href=\"https:\/\/www.bbc.com\/news\/business-57632831\"><span>BBC<\/span><\/a><span> explained, adding that the website is an \u201conline centralized exchange that offers users a range of financial products and services, including purchasing and trading a wide range of digital currencies, as well as digital wallets, futures, securities, savings accounts, and even lending.\u201d<\/span><\/p>\n<p><span>\u201cBinance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,\u201d a spokesperson for the FCA told <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/06\/28\/cryptocurrency-exchange-binance-banned-by-uk-regulator.html\"><span>CNBC<\/span><\/a><span>. \u201cThe action taken today on Binance Markets Limited has been in train for some time.\u201d<\/span><\/p>\n<p><span>According to Binance, this FCA notice would have no \u201cdirect impact\u201d on services provided by the website, Binance.com.<\/span><\/p>\n<p><span>\u201cThe FCA U.K. notice has no direct impact on the services provided on Binance.com \u2026 Our relationship with our users has not changed,\u201d a Binance spokesperson told CNBC. \u201cWe take a collaborative approach in working with regulators and we take our compliance obligations very seriously.\u201d\u00a0<\/span><\/p>\n<p><span>The spokesperson added, \u201cWe are actively keeping abreast of changing policies, rules, and laws in this new space.\u201d<\/span><\/p>\n<p><span>This move in the United Kingdom comes as part of a broader effort by international legislators to push back against cryptocurrency.<\/span><\/p>\n<p><span>In <\/span><a href=\"https:\/\/www.dailywire.com\/news\/china-ramps-up-assault-on-crypto-mining-bitcoin-drops-again\"><span>mid-May<\/span><\/a><span>, the cryptocurrency market crashed, with Bitcoin and Ethereum posting \u201ctheir largest one-day drop since March last year,\u201d according to <\/span><a href=\"https:\/\/www.reuters.com\/technology\/bitcoin-ethereum-plunge-crypto-market-cap-losses-nearly-1-trillion-2021-05-19\/\"><span>Reuters<\/span><\/a><span>, \u201cwith losses in the market capitalization for the entire cryptocurrency sector approaching $1 trillion.\u201d This decline was triggered \u201cafter China banned financial and payment institutions from providing cryptocurrency services,\u201d according to <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/bitcoin-ethereum-plunge-crypto-market-134615617.html\"><span>Yahoo! Finance<\/span><\/a><span>. The <\/span><a href=\"https:\/\/www.bbc.com\/news\/business-57169726\"><span>BBC<\/span><\/a><span> reported that the communist regime also \u201cwarned investors against speculative crypto trading.\u201d<\/span><\/p>\n<p><span>In June, Senator Elizabeth Warren \u201c<\/span><span>demanded that her fellow federal lawmakers confront the growing use of cryptocurrency,\u201d blaming Bitcoin for worsening the \u201cclimate change\u201d crisis.<\/span><\/p>\n<p><span>\u201cCryptocurrency has created opportunities to scam investors, assist criminals, and worsen the climate crisis,\u201d Warren <\/span><a href=\"https:\/\/www.dailywire.com\/news\/elizabeth-warren-blames-bitcoin-for-climate-change\"><span>said<\/span><\/a><span>. \u201cThe threats posed by crypto show that Congress and federal regulators can\u2019t continue to hide out, hoping that crypto will go away. It won\u2019t. It\u2019s time to confront these issues head-on.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a<\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span> member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The world\u2019s largest cryptocurrency exchange, Binance, has been banned by the UK\u2019s financial regulator, the Financial Conduct Authority (FCA).\u201cBinance Markets Limited is not permitted to undertake any regulated activity in &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2281558,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-903631430-e1624911411821.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"UK Regulators Ban Binance, The World\u2019s Biggest Cryptocurrency Exchange","footnotes":""},"categories":[],"tags":[],"class_list":["post-575743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-903631430-e1624911411821.jpg?w=1200&h=800&ixlib=react-9.0.3","fifu_image_alt":"UK Regulators Ban Binance, The World\u2019s Biggest Cryptocurrency Exchange","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/575743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=575743"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/575743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2281558"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=575743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=575743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=575743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}