Bitcoin Shrugs Off UK Crackdown on Major Crypto Exchange Binance

The FCA said Binance could not conduct any regulated activity in Britain and warned consumers about the platform.

By Reuters | Updated: 28 June 2021 18:09 IST

Bitcoin Shrugs Off UK Crackdown on Major Crypto Exchange Binance

Bitcoin fell 1.8 percent to $34,085 (roughly Rs. 25.3 lakhs)

Highlights

Regulators across the world bolster oversight of the crypto sector
Binance is one of the world's biggest crypto exchanges
Binance has been targeted by regulators across the world

Bitcoin on Monday shrugged off a move by Britain's financial watchdog to target the major Binance exchange, in the latest sign of regulatory pressure on the emerging cryptocurrency sector.

In a notice dated Friday, the Financial Conduct Authority (FCA) said Binance could not conduct any regulated activity in Britain and warned consumers about the platform, which is coming under growing scrutiny globally.

Bitcoin fell 1.8 percent to $34,085 (roughly Rs. 25.3 lakhs). It has fallen about 18 percent in the last 13 days, its losses sparked by China tightening curbs on the cryptocurrency sector. Bitcoin price in India stood at Rs. 25.8 lakhs as of 6pm IST on June 28.

Binance UK Operations Banned in Latest Cryptocurrency Crackdown

The FCA's move came as regulators across the world bolster oversight of the crypto sector. Their concerns include its potential for use in money laundering and other illegal activities, as well as risks to consumers.

Binance, one of the world's biggest crypto exchanges, last month withdrew an application to register with the FCA, which oversees anti-money laundering rules, a spokesperson at the watchdog said. He declined to say why.

A Binance spokesperson declined to comment on its interactions with the FCA. He said Binance works closely with regulators and law enforcement "to further the security and sustainability in the industry while providing the best services and protection to our users".

Cryptocurrency Exchanges Said to Scout Entry Into India Despite Potential Ban

Binance has been targeted by regulators across the world in recent months.

"The FCA is aligning with other major regulators, notably in the US and Asia," said Alpay Soytürk, compliance head at Spectrum Markets, a securitised derivatives trading venue.

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.