Crypto Exchange Binance Banned From Doing Business in U.K.

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Bloomberg 27 June, 2021 - 01:33pm 43 views

by Lubomir Tassev

Binance, which is one of the world’s leading cryptocurrency exchanges by daily volume, has updated customers on a change that concerns crypto traders in Ontario. The Canadian province is now a restricted jurisdiction, the company announced this week.

In a press release, Binance explains the move is part of its continuing compliance efforts. “Binance has updated its Terms of Use to provide that Ontario (Canada) has become a restricted jurisdiction, effective 2021-06-26 at 3:59:59 AM (UTC),” the exchange said, adding:

Regrettably, Binance can no longer continue to service Ontario-based users… We apologize for any inconvenience caused.

The platform advised cryptocurrency traders in Canada’s most populous region to “take immediate measures to close out all active positions by December 31, 2021.”

In the past weeks and months, the Ontario Securities Commission has been going after digital asset trading platforms in the province. The regulator wants them to comply with the region’s securities legislation that requires registration, which Binance has probably decided to avoid.

In March, the OSC urged crypto exchanges to reach out to its staff until April 19 to discuss compliance or face legal action. The commission regards crypto platforms providing access to Ontario residents as local operators, as far as securities regulation is concerned. Many have already found themselves in the crosshairs.

This week, the OSC accused BVI-registered Bybit of offering Ontarians to trade securities and derivatives in the form of crypto asset products. Earlier this month, the regulator alleged that two trading platforms run by Kucoin did not comply with the securities law. And in May, the commission said that Seychelles-based Poloniex had failed to contact it in time.

Like Binance, crypto derivatives exchange Bitmex decided to leave Ontario last August, as Bitcoin.com News reported. The platform, which was not a registered operator in the province, announced it was restricting access to Ontario users from September 2020. Bitmex explained the move with restrictions imposed by the OSC.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto exchange Binance says it will no longer serve Ontario users

The Block Crypto 27 June, 2021 - 11:00am

Binance announced Friday that all Ontario-based users must close out all active positions by December 31, 2021.

The Ontario Securities Commission has begun taking legal action against unregistered crypto exchanges in recent weeks, including against Bybit, Poloniex, and Kucoin. The regulator has alleged that these exchanges failed to comply with the province's securities laws.

Binance's move suggests that the crypto exchange operator does not wish to register itself with the Ontario Securities Commission and comply with the province's securities laws. In a similar move late last year, crypto derivatives exchange BitMEX also blocked all Ontario-based users to avoid the region's securities laws.

As for Binance, the crypto exchange operator received another warning from Japan's Financial Services Agency this week. The regulator said Binance is still operating in the country without registration. A Binance spokesperson told The Block that the company "does not currently hold exchange operations in Japan, nor do we actively solicit Japanese users."

The spokesperson declined to comment whether that means Japanese users can visit the Binance website on their own and trade.

Financial watchdog orders crypto exchange Binance to stop regulated activities in UK

Yahoo Finance 27 June, 2021 - 11:00am

The exchange would not be allowed to undertake any regulated activities without the prior written consent of the FCA, the watchdog said in a statement https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group dated Saturday.

"No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK," the FCA statement said.

Britain's move comes at a time when Binance, one of the world's largest cryptocurrency exchanges, is under scrutiny by regulators in other countries, including the United States and Germany.

Officials from the U.S. Justice Department and Internal Revenue Service who probe money laundering and tax offenses have sought information from individuals with insight into the company's business, Bloomberg reported last month.

In April, Germany's financial regulator BaFin warned the exchange risked being fined for offering digital tokens without an investor prospectus.

(Reporting by Derek Francis in Bengaluru; Editing by Toby Chopra)

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Binance Banned in UK by FCA

Finance Magnates 27 June, 2021 - 11:00am

Britain’s financial watchdog issued a warning on its website saying:

“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group).”

“Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”

“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”

The latest blow to one of the world’s largest crypto exchanges follows Friday’s Binance warning by Japan’s FSA. The warning issued by the Japanese regulator said that Binance has been providing crypto exchange services in the country without registering with the FSA. This was the second warning by the Japanese financial market regulator. The crypto exchange giant received its first FSA warning in March 2018 when the regulator warned that the exchange would face criminal charges if it continues to operate without a license

In April, Germany’s financial watchdog warned investors that Binance had likely violated securities rules over its launch of trading in stock tokens.

However, the latest move by the FCA is one of the most significant steps any global regulator has taken against Binance.

The Financial Conduct Authority published a consumer warning against both the Cayman Islands-registered Binance holdings company and Binance Markets Limited, a London-based affiliate controlled by chief executive Changpeng Zhao and overseen by the UK regulator.

The FCA Binance warning comes as regulators globally try to act on concerns that the crypto industry is being used for illicit activities such as money laundering.

Regulators in UK, Japan Issue Warnings on Binance Amid Crackdown on Unauthorized Crypto Exchanges – Regulation Bitcoin News

Bitcoin News 27 June, 2021 - 10:30am

by Kevin Helms

Most firms advertising and selling investments in cryptoassets are not authorised by the FCA.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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UK Financial Regulator Orders Crypto Exchange Binance To Stop Activities In The Country | Benzinga

Benzinga 27 June, 2021 - 10:28am

Britain's Financial Conduct Authority (FCA) has ordered the cryptocurrency exchange Binance (CRYPTO: BNB) to stop undertaking any activities in the country.

What Happened: In an official statement, the FCA on Saturday said the crypto exchange would not be allowed to undertake any regulated activities without prior written consent. 

No other entity in the Binance Group holds any form of U.K authorization, registration or license to conduct regulated activity in the U.K., the FCA said. 

"While we don't regulate Crypto-assets like Bitcoin or Ether, we do regulate certain Crypto asset derivatives, such as futures contracts, contracts for difference and options, as well as those Crypto assets we would consider 'securities'. We must authorize a firm to advertise or sell these products in the U.K.,"FCA said in the statement. 

According to the FCA, the exchange must make clear on its website, social media channels, and all other communications that it is no longer permitted to operate in the U.K. By Wednesday, it should remove all advertising and financial promotions in the country. 

"A significantly high number of Crypto asset businesses are not meeting the required standards under the money laundering regulations, which has resulted in an unprecedented number of businesses withdrawing their applications," Bloomberg quoted an FCA spokesperson as saying. 

Why It Matters: Binance has been under scrutiny by regulators in many other countries, including the U.S., Germany and Japan. Various agencies are probing the exchange in the U.S. 

Last month, Japan's Financial Services Agency issued a warning against Binance. It said Binance offered crypto services without registration.

According to Crypto legal expert, Tether (CRYPTO: USDT) and Binance are likely targets for SEC lawsuits. 

A few weeks back, Silvergate Capital Corp (NYSE:SI), a crypto-focused bank, ended its partnership with Binance. Binance reportedly informed its customers that it would no longer support U.S. dollar deposits and withdrawals via Silvergate Bank over SWIFT.

Click here, or sign up for our newsletter to explore more of Benzinga's Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.

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