Will the start of a regulatory ban on Binance being mobbed by governments lead to a currency boom?

The Financial Conduct Authority has issued a consumer warning to The Monetary Authority
The Financial Conduct Authority (FCA) has issued a warning to Binance Markets Limited and Binance Group that neither of its entities holds any form of UK authorisation, registration or licence to carry out regulated activities in the UK, and that Binance Group appears to offer a range of products and services to UK customers through its website Binance.com.

Overseas multinationals have recently launched regulatory crackdowns on cryptocurrency trading platforms.

At the same time, according to FCA documents, The Bank must make it clear on its website, social media channels and other channels that it is no longer allowed to operate Binance Markets Limited in the UK. The FCA also stresses that no entity in the Coin Securities Group holds any form of authorization, registration or licence to carry out regulated activities in the UK.

The news was then officially returned on its official Twitter account.

“We are aware of a recent notice from the UK FCA regarding Binance Markets Limited (BML),” the company said. BML is a separate legal entity that does not provide services through the Coin Security Master Network. The group acquired BML in May 2020 but has not yet started its UK business or used its FCA regulatory licence. The UK FCA’s notification has no direct impact on the services provided by the main network. We take our compliance obligations very seriously and work together with regulators. We are actively learning about the changing policies, rules and laws in this new area. ”

In addition to the United Kingdom, it is Japan that is eyeing the currency.

On June 25th Japan’s Financial Services Agency (FSA) issued a warning to Binance Holdings Limited, its cryptocurrency trading platform, that it provided services to Japanese residents online without obtaining a licence to trade in Japanese digital currencies. It is the second time in three years that Japan’s Financial Services Agency (FSA) has warned the currency to do business in Japan without permission.

As early as March 2018, the Japan Finance Agency (FSA) issued its first warning to The Monetary Bank that it was not registered in Japan and could cause losses to Japanese investors. If The Company Does Not End Its OperationS In Japan, The Japan Finance Agency Will Initiate Criminal ProceedingS.

In the face of regulatory warnings from the UK and Japan, Mr. Currency appears to be “calm and relaxed”, but in Canada, the unsupted currency has opted out.

On June 21st the Ontario Securities Commission (OSC) issued a statement of allegations that Bybit, the cryptocurrency trading platform, had failed to comply with provincial regulations to provide cryptocurrency derivatives services to users in the region.

The Canadian OSC has previously made similar allegations against two other cryptocurrency trading platforms, Kucoin and Phoneix.

On the afternoon of June 25, the Currency Update announced that Ontario, Canada, would be established as a restricted jurisdiction. Ontario users are required to clear their positions and withdraw all assets by 11:59:59 On 01 January 2022 Hong Kong time.

Why did The Currency Choose To Exit The Canadian Market?

In addition to receiving warnings about high savings as the pace of OSC regulation approaches in Canada, it is also linked to the possibility that The Founder of Coin Security, Zhao Changpeng, may have Canadian citizenship, having previously lived in Canada for a long time. On the basis of personal principles, Canada will have appropriate jurisdiction over currency security.

The U.S. has taken the lead in releasing regulatory stances before several countries warn about currency security almost simultaneously. As early as May 14, Bloomberg reported that the U.S. Department of Justice and the IRS were investigating the crypto exchange, saying it involved money laundering and illegal tax avoidance, but that it had not yet faced any charges or fines.

The company’s response was also consistent with its response to the UK: “Coinan has always valued compliance and worked with regulators and law enforcement around the world. We are always working to establish a robust compliance program that includes anti-money laundering principles and tools used by financial institutions to detect and handle suspicious activity. We have a good track record of assisting law enforcement agencies around the world, including the United States. ”

It is worth noting that the focus of this round of overseas regulation of cryptocurrencies is whether cryptocurrencies are qualified and licensed to provide cryptocurrency derivatives and securities services and anti-money laundering-related businesses in their respective regions, rather than the cryptocurrency transactions themselves

      Invest168
      Logo
      Shopping cart