InstaForex

August 26, 2021

Welcome back! Finally UK Receives Binance Again

 A good development for the world’s largest crypto exchange, Binance Markets Limited when it was confirmed to have complied with all the requirements demanded by the Financial Conduct Authority (FCA) of the United Kingdom (UK) last June.


The decision was announced yesterday through the FCA's First Supervision Notice to Binance.


A Binance spokesperson assured that they will continue to follow closely the developments of the FCA as an effort to resolve any issues that arise in the future.


Binance CEO Changpeng Zhao also shared the good news on his official Twitter page. He explained in a different tweet, the decision from the FCA was a positive development.


"25 August 2021 update. On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements" https://t.co/ryque3nHFb


- CZ 🔶 Binance (@cz_binance) August 25, 2021



Positive progress. One small step at a time.


Slowly, but surely. #BNB.


- CZ 🔶 Binance (@cz_binance) August 25, 2021


The FCA has previously issued warnings to Binance Markets Limited and Binance Group by imposing restrictions on Binance's activities in the UK including: prohibiting Binance from conducting activities without the consent of the FCA, displaying notices of restrictions imposed on websites and some social media channels, and stopping advertising activities and promotions in the UK.


As a result, the majority of large banks including Barclays, NatWest, and HSBC blocked their customers ’payments to Binance.


Binance, meanwhile, acted to restrict euro deposits through Single Euro Payments Area (SEPA) E.U. bank transfers. which is a way for consumers to buy crypto using fiat.


At the time of writing, Binance Coin (BNB) recorded a slight decline, 0.56% with its current trading value reaching $ 483.56.