Another obstacle has been placed in the way of cryptocurrency being accepted by government. According to The Financial Times, the UK's Financial Conduct Authority banned Binance Markets Limited from engaging in regulated activity in the country. This includes Binance Group Limited and Binance Markets Limited. Although the watchdog did not specify why Binance was blocked, it noted that Binance could not operate because of "impositions of requirements".Binance has 30 days to confirm it will honor the FCA demands.Engadget asked Binance to comment. It stated that it had always taken regulatory obligations "very seriously" in the past and was committed to respecting them wherever it operated.It is a serious blow. Binance is the world's largest cryptocurrency exchange, with offices all over the globe and a market-leading trading volume at $2.46 trillion. The FCA's crackdown could affect trading in major markets and also damage the company's reputation. Although it is not clear how Binance will address its situation, the company is under considerable pressure to do so quickly.Update 06/27 at 2:55 PM ET: Binance informed Engadget that this shouldn't have an effect on its main website activity. Binance Markets Limited, which is legally distinct, has not yet launched its UK business. Although this is not what the exchange operator expected, it's not necessarily a disaster.
