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For example, Starling Bank imposed a temporary suspension on outbound faster payments to cryptocurrency exchanges in order to protect customers. The banks are continually weighing up the risks. Some make it easier for customers to move money to and from crypto exchanges. What is Binance and can I still use it in the UK? The UK financial watchdog has blacklisted cryptocurrency exchange Binance and banned it from carrying out any regulated activity over concerns about its money laundering controls. The regulator has also ordered the company to stop any form of advertising in the UK. Binance isn’t based in the UK, so the British regulator doesn’t have the power to stop crypto investors from buying and selling cryptocurrency using the exchange. However, exchanges do have to register with the FCA to operate in the UK and are monitored for money-laundering. Why are regulators concerned? The FCA has also warned investors to be wary about companies that promise high returns from cryptocurrency. The nature of investment means that there is never a guarantee of making money, lucky hippo casino. In January 2021 the FCA banned the sale of complex derivatives that speculate on cryptocurrency movements. Trading cryptocurrency in China has been illegal since 2019, in what Beijing says is an attempt to stop money-laundering. People could still trade online however on foreign exchanges. At the end of September 2021, China’s central bank went a step further by banning bitcoin transactions and basically making cryptocurrency illegal.
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