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Binance banned in the UK by the FCA

Cryptocurrency is certainly all the rage at the moment, although there will be some that have suggested it has quietened down recently, given all of the trouble that it has gone through in recent weeks and months.

Of course, anyone who knows anything about cryptocurrency will know that the virtual currency was always going to be incredibly volatile and will likely remain incredibly volatile as long as it exists and is not as mainstream as physical currency.

However, the recent news developments that the virtual currency has gone through over the last few months would have been difficult to predict and foreseen.

China banned the use of cryptocurrency, whilst Tesla CEO, Elon Musk, continues to change his mind like the UK weather, thus making it impossible to know or predict how he feels about it.

Speaking of the UK, things could be going from bad to worse for those who like to trade cryptocurrencies such as Bitcoin, Ethereum and Dogecoin (as well as many, many others that have been made available).

According to a report by the BBC, Binance has been banned from trading in the UK by the Financial Conduct Authority (FCA) after the world’s biggest cryptocurrency exchange platform was deemed impossible to be regulated.

It had been claimed that regulated activity could not be conducted by Binance, whilst the FCA also decided to provide a consumer warning about their website – Binance.com – by advising people to be wary of the adverts that were being produced promising high returns on investments being made.

However, it should be noted that the FCA ruling should not have a big impact on business, though, as the exchange is not UK-based, therefore allowing UK residents to be able to continue to purchase and sell any cryptocurrency that they may have via the platform, thus allowing them to continue to use the currency at a bitcoin casino if they wish.

Many have suggested that the pushback from the FCA comes as many other regulators continue to make their own pushbacks on the various cryptocurrency platforms and exchanges that can be found around the world.

Despite the fact that the Binance Group is currently based in the Cayman Islands, their affiliate firm, Binance Markets Limited, is based in London, therefore comes under the FCA ruling that has been implemented.

This means the firm is not currently permitted to partake in any regulated activities without the prior written consent of the FCA, with the ruling set to come in place imminently.

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