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UK regulator FCA gives Binance the go-ahead
On Wednesday, the Financial Conduct Authority (FCA) of the United Kingdom announced that Binance Markets Limited, the branch of the world’s largest cryptocurrency exchange, is now in compliance with the set regulatory requirements.
Following a warning in June, the FCA imposed restrictions on the Binance group on operating in the UK. These restrictions included Binance to operate with regulator consent on any of the regulated activities. The exchange also had to cease all advertising and promotional activities in the country and had to put up a notice to the public with the restrictions imposed on them on its website and related social media platforms.
These restrictions had significant effect as major banks such as Barclays, HSBC, and NatWest started blocking customer payments to the platform. Taking the matter serious, Binance decided to suspend euro deposits through the European Union’s Single Euro Payments Area (SEPA), until they would get regulator’s approval.
The Wednesday statement by the FCA assures customers and stakeholders that Binance is in compliance:
“Binance Markets Limited complied with all aspects of the requirements. See our Supervisory Notice. See the FCA Register for any requirements that apply to the firm.”
Binance Chief Executive Officer, Changpeng Zhao, shared the news on Twitter:
“25 August 2021 update. On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements”https://t.co/ryque3nHFb
— CZ Binance (@cz_binance) August 25, 2021
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Author: Peter Siu