UK’s financial watchdog banned Binance, a major cryptocurrency trading platform, from engaging in regulated activity.
This is just the latest in a string of international actions against Binance.
We can answer all your questions about Binance, one of the largest global exchanges, as well as the most recent regulatory developments.
HOW BIG IS BINANCE?
Crypto Compare data shows that June’s trading volume was $662 billion. This is nearly ten times higher than July 2020. According to Coin Metrics, the daily volume in May was $92 billion
Changpeng Zhao, a Canadian founder of Binance, is the Binance CEO. It provides a range of services to users all over the globe, including crypto spot trading and derivatives trading. Additionally, tokenized versions can be purchased.
It also has an exchange where users can trade directly with each other. Binance Coin, its own cryptocurrency, is currently the fourth-largest in the world.
Sensor Tower reports that Binance is growing in popularity in Britain. It has been downloaded more than 1.8 million times in 2021, and more than 2.2 million times worldwide.
WHERE IS IT BASED?
It’s not obvious.
Binance’s corporate structure remains unclear. It is widely believed that Binance’s holding company was registered in the Cayman Islands. Binance spokeswoman, who declined comment to discuss the location of Binance’s holding firm. She stated that the company is “decentralized”, but works with “a variety of regulated entities around the globe.”
Binance is a popular choice for people all over the world, and Telegram has channels in more than 30 countries.
AND IT’S COMING UNDER SCRUTINY FROM REGULATORS
Yes in Britain and other countries.
Britain’s Financial Conduct Authority (FCA) stated last week that Binance UK’s arm couldn’t conduct any regulated activity. It didn’t say why.
Crypto trading is not generally allowed in Britain. However, it is possible to offer crypto derivatives and require permission.