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By Tom Wilson
LONDON (Reuters) Bitcoin on Monday ignored a decision by the UK financial watchdog to target Binance’s main exchange, in the latest sign of regulatory pressure on the emerging cryptocurrency sector.
In a notice dated Friday, the Financial Conduct Authority (FCA) said Binance could not conduct any regulated activity in Britain and warned consumers against the platform, which is under surveillance. growing globally.
Bitcoin fell 1.8% to $ 34,085. It has fallen about 18% in the past 13 days, its losses triggered by the tightening of Chinese restrictions on the cryptocurrency sector.
The FCAs’ move came as regulators around the world step up oversight of the crypto industry. Their concerns include its potential for use in money laundering and other illegal activities, as well as the risks to consumers.
Binance, one of the largest crypto exchanges in the world, last month withdrew an application to register with the FCA, which oversees anti-money laundering rules, a spokesperson for the dog said. keep. He declined to say why.
A Binance spokesperson declined to comment on its interactions with the FCA. He said Binance is working closely with regulators and law enforcement to strengthen security and sustainability in the industry while providing the best services and protections to our users.
Binance has been targeted by regulators around the world in recent months.
The FCA is aligning itself with other major regulators, particularly in the United States and Asia, said Alpay Soytrk, chief compliance officer at Spectrum Markets, a securitized derivatives trading platform.
(Reporting by Tom Wilson; Editing by Chizu Nomiyama)
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