In the latest cryptocurrency crackdown Binance has been banned by UK’s financial watchdog Financial Conduct Authority (FCA). The UK watchdog has said Binance will need to stop undertaking any regulated activity in the country as it lacked authorization.
UK is not alone in the intervention in the cryptocurrency marketplace, United States and Germany have also sought probes into concerns relating to cryptocurrency exchanges' potential role in illicit activities such as money laundering and fraud, and over often weak consumer protection.
Binance is one the world's largest crypto marketplaces, it recorded crypto trading volumes equivalent to $1.5 trillion last month, according to data from TheBlockCrypto.