Binance UK ban: Why FCA stop world biggest crypto-currency Exchange Company

28 June 2021

E dey possible to use apps and websites to buy and sell crypto-currencies for di UK

Wia dis foto come from, Alamy

Wetin we call dis foto,

E dey possible to use apps and websites to buy and sell crypto-currencies for di UK

Di Financial Conduct Authority (FCA) rule say di company no fit do any “regulated activity” for di UK.

FCA also tear warning give pipo say make dem dey careful about Binance.com and dia adverts wey promise big money ontop cryptoasset investments.

Binance.com na online centralised exchange wey dey allow customers to trade different-different digital currencies, including Bitcoin.

Di website get digital wallets, savings accounts and dem even dey borrow pipo money.

Dis UK ban dey come as regulators from oda countries, including US, Japan and Canada, dey refuse to support and/or approve crypto-currency platforms.

Wetin FCA tok about Binance ban?

E dey possible to use apps and websites to buy and sell crypto-currencies for di UK

Wia dis foto come from, NURPHOTO

Di FCA say Binance Markets Limited (BML), wey dey owned by Binance Group, no currently get permission to do any legal business unless dem first collect “written consent” from dem.

BML, get until Wednesday to comply with di ruling, di regulator statement say.

Di UK regulator also warn say Binance Group no get any form of authorisation, registration or licence to do regulated business for di UK.

How di ban affect UK crypto traders

Pipo for Bitcoin 2021 crypto-currency conference for Miami earlier dis month

Wia dis foto come from, AFP

Wetin we call dis foto,

Pipo for Bitcoin 2021 crypto-currency conference for Miami earlier dis month

Di FCA no dey regulate crypto-currencies, but e dey regulate cryptoassets. Companies need to collect authorisation from di regulator in order to advertise or sell those kain products for UK.

Wetin e mean be say pipo for UK no dey allowed to use Binance to speculate or bet, on whether di price of crypto-currency like Bitcoin fit go up or down.

According to crypto expert, oga Colin Stone wey follow BBC World Service tok, pipo still dey allowed to use di website buy and sell crypto-currencies (as dis one no dey regulated).

Binance company reaction

Di world first Bitcoin ATM cash machine dey launched for Canada in 2013.

Wia dis foto come from, Getty Images

Binance tell di BBC say di FCA announcement no get “direct impact” ontop services wey dem dey provide from dia website Binance.com.

“BML na separate legal business and e no dey offer any products or services via di Binance.com website,” na so Binance tok tok pesin say.

“We dey work togeda wit regulators and we dey take our compliance obligations very seriously,” im add.

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