The FCA warned Binance Markets Limited and the Binance Group in June for failing to comply with regulations. Binance’s operations in the UK have also been restricted by the authorities.
Without the FCA’s permission, Binance could not provide any regulated services. Furthermore, the business was barred from advertising or marketing its goods in the United Kingdom. The FCA notified any exchange limitations via its webpage and social media platforms.
Throughout that period, the regulator deemed the transaction unsuitable of being “effectively monitored.” As a result of the warning, major banks including as Barclays, NatWest, and HSBC suspended client payments to Binance. As a result, the exchange halted euro deposits made via the EU’s Single Euro Payments Area (SEPA) bank transactions.
Customers of Binance were therefore unable to buy cryptocurrencies using money. Nevertheless, the FCA issued an addendum to its judgment on Wednesday, stating, “On June 25, 2021, the FCA imposed restrictions on Binance Markets Limited.”
“All of the criteria were met by the business. Please see our Regulatory Notice.Any regulations that relate to the business should be found in the FCA Register.” Soon after Binance CEO Changpeng Zhao (CZ) announced the news, he tweeted, “Positive development.” “Take it one little step at a time. Slowly but steadily.#BNB.”
While writing this article, BNB was trading at $474, making it the fourth biggest cryptocurrency by market cap. In the last week, the price has increased by 10%.
Furthermore, a business representative informed Forcast.News that “as stated by the FCA, Binance Markets Limited has completely complied with all elements of its criteria.” “We are continuing to work with the FCA to address any remaining problems. As the cryptocurrency environment grows and evolves, we are dedicated to collaborating with regulators and politicians to create rules that safeguard consumers, promote innovation, and advance our sector.” Notably, the business and various authorities across the globe have recently clashed.
Aside from the FCA in the United Kingdom, the SEC in the United States, as well as Spanish and Malaysian regulators, have also taken action against the business. Binance is the world’s biggest spot and derivatives exchange in terms of transaction volume.
Authorities, on the other hand, have expressed worry about its stock tokens, derivatives trading products, and know-your-customer (KYC) procedures. As a result, the business has gone on a recruiting binge of individuals with a track record of dealing with compliance issues.
Former US Treasury criminal investigator Greg Monahan is currently Binance’s global money laundering reporting officer (GMLRO). In addition, Jonathan Farnell, former eToro Money UL Director of Compliance, has been appointed as the company’s director of compliance. CZ emphasized the company’s ongoing efforts “to be adequately compliant with domestic laws in all places it operates.”