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Binance says news that U.K. regulators had blocked a subsidiary of its crypt trading platform from operating in that country won’t impact its current business.
That’s because “Binance Markets, LTD” had not even launched. The crypto exchange said over the weekend that the proposed operation was a legally separate legal entity that “does not sell any products or services via the Binance.com website.”
Great Britain’s Financial Conduct Authority (FCA) prohibited Binance Markets Ltd. from engaging in any regulated activity.
But in addition to that ban, the FCA went out of its way to publish demands that appear to have no practical application, given the fact that “Binance Markets LTD never officially launched.
The demands included giving Binance until Wednesday evening to prove that it has deleted all advertising and financial promotions. The exchange must also make it clear on its website, social media channels, and other communications that it no longer has permission to operate in the United Kingdom.
The U.K. is doing its part to try to scare off people from investing in cryptos, especially ones featured on Binance that go the furthest in offering privacy and resilience from money manipulation and surveillance state tactics.
Some crypto specialists tried to read recent moves in China, the U.S. and U.K. a sign that cryptos would be accepted by world governments, but under “rules” of control.
Ivan Petuhovskii, co-founder of EXMO Exchange Ltd., a U.K. registered crypto exchange that has more limited offerings than Binance, said “Regulation is an undeniable growth driver. I am glad that the Wild West phase for the crypto market is almost over.”