Binance, one of the world’s largest cryptocurrency exchanges, has announced the suspension of deposits and withdrawals for its customers in the United Kingdom. The move comes amid increasing regulatory scrutiny of the crypto industry in the country.
According to Binance’s statement, the suspension will take effect immediately, and customers will not be able to deposit or withdraw funds from their accounts using pounds sterling. However, they can still trade cryptocurrencies on the platform using other currencies.
Binance’s decision to suspend its services in the UK follows the Financial Conduct Authority’s (FCA) recent announcement that the exchange is not permitted to operate in the country without prior approval. The FCA stated that Binance Markets Limited, the UK-based subsidiary of Binance, failed to meet anti-money laundering requirements.
This is not the first time Binance has faced regulatory issues. In 2021, the exchange was banned in several countries, including China and Canada, for failing to comply with local laws. Binance has since moved its headquarters to Malta, where it operates under a different legal entity.
The UK’s regulatory crackdown on Binance is part of a broader global trend. Regulators in several countries, including the United States and Japan, have been scrutinizing the crypto industry for potential money laundering and other illegal activities. The UK’s move is likely to have a significant impact on Binance’s business in the country, as the exchange is one of the largest players in the UK’s crypto market.
In conclusion, Binance’s suspension of deposits and withdrawals for its UK customers is the latest development in the ongoing regulatory scrutiny of the cryptocurrency industry. The move follows the FCA’s decision to ban Binance from operating in the country without prior approval due to its failure to meet anti-money laundering requirements. This trend is not limited to the UK, as regulators in several countries are stepping up their efforts to monitor and regulate the crypto industry.