Is Binance a crackdown on the cryptocurrency market?

From June 30, Binance must notify U.K. users of the FCA’s restrictions in a prominent place on its website and apps. It’s the latest sign of a growing crackdown on the cryptocurrency market from regulators around the world. Binance is the world’s biggest cryptocurrency exchange, handling $490 billion of spot trading volumes in March 2022.

Is Binance banned in the UK?

Britain’s financial regulator has banned Binance, one of the world’s biggest cryptocurrency exchanges, from offering certain services in the country. The Financial Conduct Authority said in a statement on Saturday that Binance Markets Limited “is not permitted to undertake any regulated activity in the UK.”

Why did the FCA order Binance to stop trading in the UK?

The FCA had ordered Binance to stop all UK regulated activity last June over worries about weak consumer protections, amid a wider crackdown on the cryptocurrency industry’s potential role in fraud and money laundering.

Why did Binance pull out of Ontario?

On Saturday, Binance announced it was pulling out of Ontario, Canada, after the Ontario Securities Commission (OSC) accused it and several other crypto trading platforms of failing to comply with province regulations.