Binance exchange is the globe's leading and large cryptocurrency exchange, and it has been operating in Pakistan since some time now. Binance exchange has neither been considered as legal nor illegal by state bank in Pakistan. The People are free who want to use it, make use of it otherwise not. The authorities of Pakistan have recently put a thought to ban binance exchange for the reason that of many scams that come with it involving money laundering and illegal activities.
Is Binance Exchange Getting Banned in Pakistan Due to Illegal Activities
Many countries including UK, Malaysia and Singapore have banned Binance exchange because of illegal activities. This is the major and largest sign of expanding crackdown in the market of cryptocurrency all around the globe.
Pakistan is also working to crackdown against Binance ecxhange. It is also planning to crackdown everyone involved in money laundering and other scams related to Binance.
The Financial Conduct Authority of Britain informed on Saturday that Binance Markets Limited, the U.K. division of Binance, “is not permitted to undertake any regulated activity in the U.K.”
A spokesperson for the Financial Conduct Authority told that “Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA”. It was further informed that “The action taken today on Binance Markets Limited has been in train for some time.”
It was clarified by the spokesperson of FCA that the ban on binance is limited. Though Binance Markets Limited is banned from offering regulated services in Britain, non-registered firms can still interact with U.K. consumers. Which means that Binance would still offer Brits crypto trading through its website.
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