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Binance exchange gets ban from UK

6 July 2021
- Di
Alessia Petrucci
Tempo di lettura: 2 minuti

EXCHANGE BINANCE - For a few years cryptocurrencies and all that revolves around them seemed to be the technologies of the future with open road in front of them'. From the beginning of 2021, however, the road began to climb unexpectedly. The first hurdles were put by big names such as Bill Gates and Elon Musk, who affirmed the unsustainability of such technologies. These were followed by ban numbers from various nations including China and Israel. But the trouble does not end here with the ban on exchange Binance by the UK.

Let’s start from the basics, what is Binance

Binance is an exchange, a cryptocurrency exchange platform. The difference between binance and the other exchanges lies in the fact that it provides only exchanges between cryptocurrencies and not between the latter and traditional currencies. Founded in 2017 by Changpeng Zhao, in a few years it has been able to impose itself quickly, mainly thanks to the great entrepreneurial skills and the strong sense for technological innovation of its founder.

There are countless cryptos that can be exchanged on scales, from the most known bitcoin, ethereum to those less known as Everx and Ziliqua. For balance investors is an excellent opportunity, especially if you have the ability to trade only small quantities, the important thing is to show that the project presented is able to generate profits.

Binance exchange gets ban from UK

Binance Markets Ltd was obliged by an official notice to cease all activities in the United Kingdom. The communiqué was issued by the FCA, the Financial Conduct Authority, the highest-ranking financial regulator in the country, independent of the government. They state that:

"Binance Markets Limited is not authorised to engage in any regulated activity in the United Kingdom. This company is part of a larger group (Binance Group)".

This decision implies that only the assets of Binance Markets have been blocked, while all other trading functions remain operational.

In more countries there are problems for the exchange Binance

If it is true that there are many nations that look favourably on cryptocurrencies and exchanges like Binance, so much so that they become official currencies, it is equally true that many other states, such as the United Kingdom that do not fit. Everything started from China to Canada, Japan and even Malta.

Only time can show who is right to support and who to repudiate this type of technology.

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