British Finance Watchdog Calls For Political Backing For Crypto Bans

B. Ali
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The United Kingdom’s Financial Conduct Authority (FCA) asked parliamentarians on Tuesday to support crypto bans and its decision to refuse licenses to various cryptocurrency exchanges, including FTX, which filed for bankruptcy protection last week. According to the FCA’s chief executive Nikhil Rathi, the watchdog has come under fire because more than 80% of license requests from cryptocurrency trading firms have been denied.
As a result, cryptocurrency exchanges like Binance and FTX are unable to operate in the UK because they lack FCA authorization for their anti-money laundering systems.

It is also worth noting that the Financial Conduct Authority issued a consumer warning to Binance Holdings Company and Binance Markets Limited, both of which are Cayman Islands-registered companies. According to the statement, Binance Markets Limited is not authorized to engage in any regulated activity in the United Kingdom.

Although the industry’s biggest names did not immediately respond to the FCA’s warning, they have previously stated that they take compliance and legislation very seriously. Binance Market Limited and its UK partners are dedicated to adhering to local regulatory standards wherever we operate, and they take their compliance responsibilities seriously.

Is Binance FCA-approved?

Binance Markets Limited (BML), according to sources, has yet to receive approval from the FCA’s cryptocurrency registration system, which is required for UK organizations providing digital asset-related services.

Binance Markets Limited, according to those familiar with the two parties, has applied to the FCA to register as an exchange. However, the London watchdog halted the project last month.

One of the major participants in the developing crypto markets is the Binance exchange, which offers a variety of services and has hundreds of listed crypto assets. According to Coinmarketcap, the exchange had a trading volume of more than $14 billion in October alone.

FCA’s Action & Its Underlying Causes

Given the state of the cryptocurrency industry and Binance’s massive trading volume, the Financial Conduct Authority (FCA) is poised to set a new goal that will make Britain a globally competitive financial center. This would alleviate the increasing pressure on the FCA to continue doing business as usual in order to promote financial inclusion.

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.