The Binance Exchange is a leading cryptocurrency exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens, including bitcoin (BTC), ether (ETH), litecoin (LTC), dogecoin (DOGE), and its own token Binance Coin (BNB). In 2018, it moved its company headquarters to Malta, EU, in response to China’s strict regulations on crypto exchange businesses.
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Barclays, the London-based bank, has stopped transferring credit and debit card payments from U.K. customers to Binance Markets Limited. This comes after the United Kingdon’s regulatory body, the Financial Conduct Authority (FCA), issued a consumer warning against the company last month and said Binance will no longer be allowed to engage in any regulated financial services in the U.K. Barclays says the ban is intended to help keep customer’s money safe. This does not impact customer’s ability to withdraw funds from Binance.
The FCA does not regulate cryptocurrencies, but it requires exchanges to register with them. The regulatory authority has issued consumer warnings against 111 unregistered crypto companies. Binance Group, currently based in the Cayman Islands, is the largest to receive a warning. Only five cryptocurrency companies have successfully registered with the FCA. That process starts with anti-money laundering (AML) compliance. Crypto companies have until March 2022 to gain approval, under a temporary exemption allowing them to continue operating in the U.K. The FCA move comes amid pushback from regulators all over the world against cryptocurrency platforms.