June 28, 2021: Cryptocurrency exchange Binance has been banned from operating in the U.K. by the country’s markets regulator, in the latest sign of a growing crackdown on the crypto market around the world.
Britain’s Financial Conduct Authority said on Saturday that Binance Markets Limited, the U.K. division of Binance, “is not permitted to undertake any regulated activity in the U.K.”
Binance, the world’s largest crypto exchange by trading volumes, was set to launch its own digital asset marketplace in Britain. However, it was one of several crypto firms that withdrew applications to register with the Financial Conduct Authority due to not meeting anti money laundering requirements.
The FCA spokesperson clarified that the scope of the ban was limited. Though Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still interact with U.K. consumers. That means Binance could still offer Brits crypto trading through its website.
The FCA isn’t the only regulator clamping down on the crypto industry. Japan’s Financial Services Agency warned last week that Binance was operating in the country without its permission.
Meanwhile, China has stepped up efforts to stamp out cryptocurrency trading ordering digital currency miners to cease operations in a number of regions and urging banks and payment firms not to offer crypto-related services.
Increased regulatory scrutiny has weighed on the nascent crypto market. Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 in April. But it’s since almost halved in value, trading at $34,783 as of Monday morning.
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