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UK Financial Watchdog Bans Crypto Exchange, Binance


Obinna Chima with agency report
The United Kingdom’s financial watchdog, the Financial Conduct Authority (FCA), has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges.
According to London-based Financial Times, the intervention by the FCA in recent days has been one of the most significant moves any global regulator has made against Binance, a sprawling digital asset firm with subsidiaries around the world.
The exchange has until Wednesday to confirm it has complied with the watchdog’s demands.
The report said the intervention was a sign of how regulators were cracking down on the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection. ....

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