Although British financial authorities have banned Binance, the world’s largest cryptocurrency exchange, from operating in the UK, Binance Coin, a cryptocurrency issued by Binance, is soaring more than 4%.
Despite the British financial authorities announcing that Binance will be banned from operating in the UK, Binance Coin is at $286 as of 7 a.m. on the 28th (GMT+8), up 4.23 percent from 24 hours ago on Coin Market Cap.
Binance, the world’s largest exchange, issues its own coins, the fourth-largest cryptocurrency in the market capitalization. Binance Coin has a market capitalization of 43.5 billion dollars.
Earlier, the Financial Times (FT) reported that the British financial authorities (FCA) ordered Binance to stop all of its operations in the country.
Binance coin soars up despite FCA ban on Binance Exchange operations
Binance has not received any permission to operate in the UK, FCA said. Binance cannot engage in business activities without our prior consent. As a result, Binance will have to stop operating in the UK until the evening of the 30th.
FCA also asked not to be misled by advertisements that promise high profits for virtual currencies and related products.
Binance said it would not be directly affected by notifications from UK financial authorities because it has not yet started its business in the UK.
The problem this time is ‘Binance Market Limited’. BML was acquired last year by Binance, which it acquired to strengthen operations in the UK.
FCA claims that Binance’s UK branch, BML, is a UK company and should be regulated by regulators.
However, Binance tweeted that BML is not in full operation yet and that it will not be directly affected by the actions of British regulators.
Experts say that even if British regulators deny access to the Binance site, the move by British regulators will not have a significant impact on Binance’s operations, as British investors can bypass it.
As a result, Binance Coin seems to be soaring by more than 4 percent.
Binance, meanwhile, is the world’s largest cryptocurrency exchange, offering a variety of services to customers around the world, including dozens of digital coins, gifts, options, and stock tokens.
Binance is a company founded by Chinese Zhao Changfeng and is headquartered in the Cayman Islands, a “tax haven.”