- The UK’s finance regulator has banned the cryptocurrency exchange Binance from operating in the UK.
- The decision follows censure by other countries.
- “This is just the beginning,” Bill Browder, an anti-money-laundering campaigner, tells Insider.
The Financial Conduct Authority’s decision to crack down on the crypto-trading platform Binance in the UK shocked investors.
It follows warnings from regulators in Germany and Japan about Binance. The UK decision, issued on Saturday, requires Binance to stop offering derivative contracts on cryptocurrencies via Binance Markets, its only UK-regulated entity. Binance said its main exchange is unaffected as it is not UK-based.
But experts have told Insider it’s just the start of a broader crackdown by regulators, as governments feel emboldened to take on crypto platforms the way they have Big Tech.