The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have both filed lawsuits against Binance, alleging various violations, including misleading practices and manipulative trading. This attempt was not successful, however, and has since then remained dormant since its acquisition.” Cryptocurrency Exchange Binance Faces Regulatory Hurdlesīinance’s decision to exit the UK comes amid a series of regulatory challenges faced by the cryptocurrency exchange. ![]() Laro stated, “BML was successfully acquired back in 2020 by Binance Group, intended to launch a regulated business in the UK. The UKs Financial Conduct Authority (FCA) warned consumers in June 2021 that Binance did not hold 'any form' of permission to offer services regulated by Britain. According to data from Kaiko, the exchange previously held a dominant position in terms of cryptocurrency trading volume denominated in Sterling until it lost its banking partner. This news has been capping gains in the BTC/USD prices today. Binance is working with the FCA to mitigate risks associated with crypto assets and identify a suitable firm for financial promotion approval. The move comes as a response to a decision by its UK payment processor Paysafe, which said it was terminating its embedded wallet solution for. ![]() ![]() In March, Binance halted the process of allowing UK customers to withdraw or deposit funds in British Pounds following the termination of its operational agreements with local partner Paysafe. Existing UK users who have completed the necessary tests can still access Binance services, but new services are temporarily on hold. The world's largest cryptocurrency exchange has just become a bit smaller as Binance will suspend deposits and withdrawals in pounds for customers in the United Kingdom. Binance, the world’s largest cryptocurrency exchange, has said a crackdown on crypto has made it very difficult to do business in the US, adding that it now hopes to be regulated in the UK. Related Reading: Report: Do Kwon Refutes Passport Forgery Claims, Shifts Blame To ‘Chinese’ Agency
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