HOT SCREEN – Panel with cryptocurrency quotes, of which bitcoin is the most famous: changes will pass through them – Shipra Tripathi/Cryptocurrency/.
In one of the toughest decisions in the world against cryptocurrencies, the Financial Conduct Authority (FCA), the body that regulates the financial system in the UK, banned Binance from operating in regulated activities in the country. This is the largest cryptocurrency broker in the world in terms of trading volume and the reason it was banned from operating in the UK is the lack of authorizations required by the financial authority. “Due to the imposition of requirements by the FCA, Binance is not allowed to carry out any regulated activities without the institution’s prior written consent,” the agency said in a statement. According to sources consulted by the Financial Times, the brokerage firm signed up with the FCA to regularize activities in the country, but last month it backtracked and withdrew the order. Such information is required by the agency to prevent illegal practices with cryptoactives. The brokerage will have to display on its website until next Wednesday, 30, the message “Binance Markets is not allowed to carry out any regulated activity in the UK”, in addition to being prohibited from serving advertising. In addition, the agency required Binance to preserve customer data in the UK. This does not mean, however, that English citizens cannot operate cryptocurrency in other jurisdictions. The UK is not the first nation to ban brokering. Since 2019, the company has not been authorized to transact cryptocurrencies to US residents, and the US Department of Justice and Internal Revenue asks the broker to contribute to combating illicit transactions. Last week, the Japan Financial Services Agency (FSA) warned that the brokerage was operating in the country without proper registration. According to brokers interviewed by VEJA, cryptocurrency brokers operating in Brazil are contacted weekly by the Court to send information about clients and this month one of them was even contacted by Interpol. As shown in an article published in this week’s VEJA magazine, the popularization of cryptocurrencies such as bitcoin are facilitating illegal operations such as money laundering and terrorist financing. Although blockchain technology allows for accurate tracking of transactions, crimes are facilitated by the anonymity of actors on the network. In addition, the lack of a regulatory authority favors manipulation of asset prices. Continues after advertising