TL;DR Breakdown
• Crypto prices are on a roll despite UK regulations on BML.
• Binance Markets Limited has until Wednesday to register with FCA UK.
The crypto prices started on Monday with a peak even though their outlook is bleak. Regulations in Japan and the UK have increased, this time affecting the crypto platform Binance.
However, Bitcoin has risen 5.35 percent in price while Dogecoin rises to 5.12 percent. This shows that both crypto prices were booming in the market have not been affected by regulations.
Authorities in the UK and Japan agree to ban investors from affiliating with the Binance platform. This occurs due to complaints that the investment system is not regulated and lends itself to illegal operations.
Crypto prices increased amid warning to Binance
GlobalBlock sales trader Alexandra Clark announced that crypto prices increased in value in the early hours of Monday. Clark notes that Bitcoin is approaching $35,000 after spending several days in a downtrend. By the weekend, following the regulatory announcements, Bitcoin slumped below $ 30,000.
According to Clark, these signals indicate that new investors buy the token while it is in decline. The stable tokens number in exchange wallets has reached its all-time high of $17 billion. This shows that many independent businesses and traders are entering the decentralized market.
Regulating Binance – What it means for the crypto realm?
By Saturday, the FCA in the UK warned cryptocurrency investors about BML and Binance Group shares. The Financial Conduct Authority announced that Binance Markets Limited might not operate in the UK. Without the consent of the FCA, the platform cannot operate in the European region.
This warning on the cryptocurrency platform resembles the one posted by Japan’s financial control on June 25. The Japan FSA indicated that Binance offers crypto investments without being consented to by the central authority.
Faced with such accusations, Binance agents clarify that BML is a legal entity separate from the official website. Binance indicates that FCA UK cannot ban BML because the official website Binance.com does not offer its services.
Binance acquired Binance Markets Limited in May 2020, but it has yet to launch in the UK. The Binance Group is based in the Cayman Islands, but BML is affiliated with London. They are two companies that work separately under the same agent authorized to operate with cryptocurrencies.
Although the FCA does not regulate crypto prices directly, it does guide the requirements for exchange companies to register with it. The FCA asks Binance Markets Limited to register before Wednesday. Failure to register, BML will not officially trade within the UK boundaries for a long time.
