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Many Financial Regulators ban Binance

Binance ban

Many financial regulators ban Binance because of administrative barriers.

Govts against Crypto
Many financial regulators issue warning to binance. 

UK’s financial regulator bans Binance

Britain’s financial watchdog has banned Binance from any regulated business in the country. Moreover, consumers received a warning about the platform. In a notice dated 25th June 2021, The FCA said Binance Market Ltd, Binance’s only regulated entity in the UK, “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”. However, Binance said in a statement that FCA’s moves wouldn’t affect their services. Binance Markets, which it acquired in 2020, was not yet using its regulatory permissions. http://Binance.com

Japan’s financial services regulator issues warning on Binance

Japans Financial Services Agency said Binance isn’t registered to do any business in the country. Earlier in March 2018, Binance received a warning regarding the same issue.” Binance does not currently hold exchange operations in Japan, nor do we actively solicit Japanese users,” a Binance spokesperson told CoinDesk. “As you can understand, we do not comment, as a matter of policy, on specific matters related to any regulators.”

https://www.coindesk.com/japans-financial-services-watchdog-issues-binance-warning 

Binance ban in Ontario, Canada

Residents of the Canadian province of Ontario will no longer be able to use Binance’s services. After the Ontario Securities Commission sued both KuCoin and Poloniex earlier this year for allegedly allowing Ontarians to trade securities without a required licence, the crypto giant pulled out of the province.

Did the ban impact the market?

Despite the ban, the FCA’s latest change barely made a ripple. While past announcements by US and Chinese regulators have produced significant market movement, this time will be different. Prices of the major cryptocurrencies did not react to the news with bitcoin continuing to trade above $34,000 on Monday.

While developing countries are considering following El Salvador’s lead and adopting Bitcoin as legal currency, not every central bank, government, or economist is as enthusiastic about the digital currency revolution.

 

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