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Cryptocurrency has just encountered another obstacle in seeking official approval. The program of Economic Times reports that the UK Financial Conduct Authority has banned major crypto exchanges Binance in the country, including Binance Markets Limited and its parent Binance Group. The supervisor did not say why Binance was locked up, but noted that “setting priorities” prevented Binance from working.
Binance remained until June 30 to ensure that it complied with the requirements of the FCA.
Engadget asked Binance to explain. In the past, he said there was a need for “more serious” rules of conduct and was “committed” to respecting the rules wherever they worked.
It’s a big hit. Binance is one of the largest exchanges in the world, with global locations and thriving business volume about $ 2.46 trillion as of May 2021. The FCA’s shooting will not only hamper sales in the major markets, but damage the company’s reputation. It is unclear how Binance will solve his problems, but he is being pressured to take immediate action.
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