Binance faced more regulatory challenges worldwide, particularly in the UK and Belgium, which increased the scrutiny on the exchange. Despite the ongoing regulatory issues in the crypto industry, there was a significant increase in institutional adoption of cryptocurrencies during the week as Mastercard and J.P. Morgan expanded their involvement in the field.
This wave of institutional adoption and renewed market confidence catalyzed the crypto market’s recovery. Bitcoin (BTC), the flagship cryptocurrency, was resilient as it surged above the $31,000 mark, rallying to the highest level this year.
Binance’s regulatory issues in the UK, Belgium, and Brazil
Being the world’s largest exchange does come with its troubles. Binance’s regulatory woes spilled into this week, with the company facing hurdles across several countries, including the U.K. and Belgium.
In response to increasing regulatory scrutiny worldwide, Binance withdrew its registration in the U.K. Binance U.K. requested the cancellation of its registration with the Financial Conduct Authority (FCA). The FCA approved this request and revoked Binance U.K.’s licenses, stating that the firm is no longer authorized.
Belgium’s Financial Services and Markets Authority (FSMA) took action against Binance this week, instructing them to suspend their crypto services within the country.
The FSMA’s investigation revealed that Binance was offering exchange and custody wallet services involving virtual currencies and legal currencies from non-European economic area (EEA) countries, violating Belgian regulations.
Moreover, reports from June 21 revealed that Brazilian authorities had summoned Binance’s Brazil branch director, Guilherme Haddad Nazar, for questioning at the Pyramid Scheme CPI.
Binance is facing allegations of offering unauthorized derivative products in Brazil.
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Author: Wahid Pessarlay
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