Cryptocurrency price

Cryptocurrency Price Check: Binance Hit With UK Ban

Binance Markets, the world’s largest cryptocurrency exchange, has been banned from doing business in the UK.

Binance Markets has until Wednesday evening to confirm that it has removed all financial advertisements and promotions, according to the register of the UK Financial Conduct Authority, the UK’s financial watchdog.

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It must also make it clear on its channels and on social media that it has been banned in the UK

The news follows reports last month that Binance was under investigation by the US Department of Justice and the Internal Revenue Service.

British police seized around $ 158 million in cryptocurrency last week as part of a money laundering investigation.

Meanwhile, Bitcoin, the world’s largest cryptocurrency, rose 3.2% on Monday to $ 34,386, according to CoinDesk. Ethereum rose 8.6% to $ 2,014, while Dogecoin rose 4.2% to 26 cents.

Bitcoin had a rough time early last week, slipping below $ 30,000, a key support level and its lowest since late January, as China stepped up its crackdown on cryptocurrencies. The digital token bounced back later in the week.

Winston Ma, adjunct professor at New York University School of Law and author of “The Digital War – How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace,” said the crypto trading market remains volatile amid China’s crypto crackdown.

“The new trigger is on the trade regulation side, which is probably only just beginning,” he said, noting that new Chinese regulations in recent weeks have mostly been on the mining side. “We continue to see the global impact of the Chinese crackdown.”

A few days ago, the Chinese central bank summoned the Alipay / Alibaba group and many state-owned banks, asking them not to get involved in crypto operations, Ma said.

“This indicates that China is launching serious enforcement of crypto regulations,” he said.

David Lesperance, managing partner of Lesperance & Associates, said businessmen who fall out of favor with the Chinese government “have no history of longevity for their freedom.”

“One half of the room escapes the wrath of the Chinese authorities,” he said, “the other is to find refuge for your family and your business”.

Lesperance said Bitcoin miners need a back-up plan to protect themselves and their families from a personal backlash from the Chinese government.

They also need to be able to locate in a place where energy is cheap; the rule of law to protect their business; and a pool of local staff trained to operate their facilities.

“Crypto exchange customers also need a personal backup plan for themselves and their families,” Lesperance said. “However, their business needs are different. They need to establish their exchange in a location that will allow them to operate and thrive in a legal environment that will allow them to meet incoming regulations from the US, UK, UK. ‘EU and others. “

Also, Tesla (TSLA) – Get the Tesla Inc report General Manager Elon Musk and Twitter (TWTR) – Get the Twitter, Inc. CEO Jack Dorsey tweeted their agreement to discuss Bitcoin at an online event next month.

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