%20has%20warned%20the%20world's%20largest%20cryptocurrency%20exchange%20Binance%20that%20it%20can%20no%20longer%20operate%20in%20the%20country.){kind=link}

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<p>The largest <strong>cryptocurrency exchange </strong>in the world was warned that it cannot provide services in the <strong>British </strong>jurisdiction without a license. Experts Explain How Restrictions Will Affect <strong>Binance </strong>Activities And <strong>Digital Asset</strong> Quotes</p>



<p>The <a href="https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group" target="_blank" rel="noreferrer noopener"><strong>British financial regulator </strong>(<strong>FCA</strong>) has warned the world&#8217;s largest <strong>cryptocurrency exchange Binance</strong></a><strong> </strong>that it can no longer operate in the country. </p>



<p>The regulator claims that the service provider of <strong><a href="https://www.binance.com/en/register?ref=Y68I95UB" target="_blank" rel="noreferrer noopener">Binance.com</a></strong> is <strong>Binance Markets </strong>Limited, part of the <strong>Binance Group</strong>, which is not licensed to operate in the <strong>UK</strong>.</p>



<p>The <strong>FCA </strong>also warned of the dangers of <strong>investing in crypto assets</strong>. The department notes that most of the companies offering such services are not licensed in the <strong>UK</strong>, so investors will not be able to contact the financial ombudsman and claim compensation for losses.</p>



<p>Representatives of the <strong>crypto exchange</strong> referred to the official announcement of the site, which states that the <strong>FCA </strong>warning does not affect the services provided by the <a href="https://www.binance.com/en/register?ref=Y68I95UB" target="_blank" rel="noreferrer noopener">Binance.com</a> website. </p>



<p>The site representatives noted that <strong>Binance Markets</strong> Limited is a separate legal entity and does not offer services through the <a href="https://www.binance.com/en/register?ref=Y68I95UB" target="_blank" rel="noreferrer noopener">Binance.com</a> website.</p>


<blockquote class="twitter-tweet">
<p lang="en" dir="ltr">We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML). </p>
<p>BML is a separate legal entity and does not offer any products or services via the <a href="https://t.co/QILSkzx7ac">https://t.co/QILSkzx7ac</a> website. (1/4)</p>
<p>— Binance (@binance) <a href="https://twitter.com/binance/status/1409229415846981634?ref_src=twsrc%5Etfw">June 27, 2021</a></p></blockquote>
<p> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>



<p>In the next few weeks, the <strong>Binance crypto exchange</strong> may warn <strong>British </strong>users that their accounts will be closed, said Ivan Petukhovsky, co-founder of the UK-registered <strong>EXMO crypto exchange</strong>. </p>



<p>In his opinion, the <strong>UK </strong>does not belong to jurisdictions that are friendly to <strong>cryptocurrencies</strong>, and there is a clear regulation of financial activities in the country, which implies registration with the <strong>FCA</strong>.</p>



<p class="has-text-align-center"><em><strong>“Regulation is an undeniable factor in market growth. As more and more institutional investors become willing to invest in cryptography, the risks are decreasing, ”Petukhovsky said.</strong></em></p>



<p>The &#8220;Wild West&#8221; phase for the <strong>crypto </strong>sector is almost over, and <strong>exchanges </strong>that comply with AML (Anti-Money Laundering) and KYC (Customer Identity) rules are finally getting some advantages in this highly competitive market, the expert believes.</p>



<p>The decision of the <strong>UK </strong>may be related to the events of the first half of 2021, when <strong>cryptocurrencies </strong>showed the highest volatility in history &#8211; strong growth at the beginning of the year, then a sharp decline, explained the head of the analytical department of <strong>AMarkets </strong>Artem Deev.</p>



<p>According to him, while the actions of the regulator only restrict the activities of the largest <strong>crypto exchange</strong>, which operated without a license in the country, but <strong><a href="https://www.binance.com/en/register?ref=Y68I95UB" target="_blank" rel="noreferrer noopener">Binance </a></strong>can restore its activities in the <strong>UK </strong>if it opens its own licensed division in the country. The analyst also predicted that the <strong>British </strong>regulator&#8217;s <strong>ban </strong>on <a href="https://www.binance.com/en/register?ref=Y68I95UB" target="_blank" rel="noreferrer noopener">Binance </a>would not seriously affect the quotes.</p>



<p>In May, it became known that the Department of Justice and the Internal Revenue Service of the United States initiated an investigation against the <strong>crypto exchange Binance</strong>. </p>



<p>State authorities conduct inspections for violations in the field of combating money laundering and tax laws. So far, no charges have been brought against the site.</p>



<p>In March 2021, <strong><a href="https://www.binance.com/en/register?ref=Y68I95UB" target="_blank" rel="noreferrer noopener">Binance </a></strong>became a defendant in an investigation <a href="https://www.bloomberg.com/news/articles/2021-03-12/crypto-exchange-binance-investigated-by-u-s-over-who-s-trading" target="_blank" rel="noreferrer noopener">by the United States Futures <strong>Trading </strong>Commission (CFTC)</a>. </p>



<p>The regulator studied the work of the company for the admission of American residents to <strong>trade in crypto</strong> derivatives in the absence of an appropriate license.</p>



<p></p>

