Binance

The FCA (Financial Conduct Authority), the regulator of the financial market in Great Britain, issued a message that Binance, the largest cryptocurrency exchange in the world, cannot conduct any regulated activity in the UK. There is also a consumer warning that advises against using services that suggest large returns on money invested.

Binance operates in the UK through Binance Markets Limited, which is affiliated with the Binance Group, registered in the Cayman Islands. Currently, BML cannot operate without the written consent of the FCA, which in the UK regulates the advertising market and the sale of services such as those related to cryptocurrencies. Binance representatives, in a statement to the BBC, however, say that this will not have a direct impact on the company's operations, because the introduced restrictions do not apply to the purchase and sale of cryptocurrencies by the British - because the FCA has no mandate for this.

This is not the first time Binance has been in trouble in various parts of the world. In the United States, Binance Holdings was the subject of an investigation by the SEC, i.e. the Securities and Exchange Commission, suspected of being involved in money laundering and tax fraud. In April this year, the SEC also issued a warning to Binance kleins with similar content to that of the UK. Binance is also in trouble in Canada and the company is leaving Ontario due to non-compliance with local regulations related to its operations.

The troubles of such large entities operating on the cryptocurrency market as Binance may be a harbinger of further declines in the prices of electronic money and further collapses on the cryptocurrency market, already weakened recently.