The British watchdog bans the Binance cryptocurrency exchange

The cryptocurrency has just faced another hurdle in the seeking government acceptance. U Financial Times report which the UK’s Financial Conduct Authority has prohibited the largest crypto exchange Binance in the country, including Binance Markets Limited and its parent Binance Group. The watchdog not only said why he blocked Binance, but noted that an “imposition of requirements” prevented Binance from operating.

Binance has until June 30 to confirm that it complies with FCA requirements.

Engadget asked Binance to comment. In the past, he has said he has taken regulatory obligations “very seriously” and that he is “committed” to complying with the rules where it operates.

It’s a significant blow. Binance is one of the largest crypto exchanges on the planet, with locations around the world and a leading trade in the industry. volume of about $ 2.46 billion as of May 2021. The FCA’s crackdown could not only limit trading in a major market, but hurt the company’s reputation. It’s not clear how easily Binance can deal with its situation, but it’s under more of a pressure to act quickly.