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In a statement from Saturday, the British Financial Conduct Authority has issued an order against Binance to cease all unregulated trading activities and to stay in close contact with the regulating body.
FCA to prohibit Derivatives Trading in the UK
While trading cryptocurrencies does not require permission from the FCA, derivatives trading is heavily regulated in the UK. As the FCA states, Binance does not have permission to offer regulated financial instruments to UK residents:
Binance Markets Limited is not permitted to undertake any regulated activity in the UK. […] Do FCA áp đặt các yêu cầu, Binance Markets Limited hiện không được phép thực hiện bất kỳ hoạt động được quy định nào mà không có sự đồng ý trước bằng văn bản của FCA. Không có pháp nhân nào khác trong Binance Group nắm giữ bất kỳ hình thức ủy quyền, đăng ký hoặc giấy phép nào của Vương quốc Anh để tiến hành hoạt động được quy định tại Vương quốc Anh.
Should the largest cryptocurrency exchange comply with the FCA, this would mean that British traders would be excluded from Binances futures markets, perpetual contracts, and options trading. UK-based customers will still be allowed to use the spot market and to open leveraged positions using margin trading, albeit with a greatly reduced maximum leverage.
British Authorities are cracking down on unregulated Activities
The FCA has reiterated their cảnh báo từ tuần trước urging British citizens to avoid unregulated crypto trading platforms:
Most firms advertising and selling investments in cryptoassets are not authorised by the FCA. This means that if you invest in certain cryptoassets you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong.
Meanwhile, Binance has stated on Twitter to be actively working on compliance through their UK-based subsidiary Binance Markets Ltd. While stating that the main trading platform on Binance.com will not be affected, the leading crypto exchange has not clarified yet, which instruments will be available for UK traders in the near future.
We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.
We are actively keeping abreast of changing policies, rules and laws in this new space. (4/4)
- Binance (@binance) 27 Tháng Sáu, 2021
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