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Binance and the current bans – real problems or unnecessary FUD?

One of the biggest cryptocurrency exchanges, Binance, has been dealing with great amount of regulators for past couple of days. Canada, Japan and United Kingdom has all filed different statements about this exchange, none of which are too pleasing.

United Kingdom as the biggest hit?

What seemed like the biggest hit was the latest issue of FCA (Financial Conduct Authority), which stated that Binance Markets Limited does not have a necessary license in to be functioning in the country. What seemed as one of the worst news in the cryptocurrency world however turned out to be only a FUD spread by those, who did not actually read into the statement.

Binance Markets Limited is not operating Binance.com. This website, where vast majority of the trading happens, is operated by Binance Group, which was not part of the FCA warning. Therefore, for retail traders in the United Kingdom nothing changes and the initial scare was completely unnecessary.

Japan and Canada

However, Binance seems to be having more problems. FSA (Financial Service Agency), regulator in Japan warned the exchange to be careful with its steps. Same type of warning already pushed Binance to a more drastic steps in Ontario. In this province in Canada, Binance will not offer its services anymore (from the start of the year 2022), because the Ontario Securities Commission, biggest financial regulator in the province, demanded from the Binance exchange several compliance, legal and financial steps that the exchange deemed as unimportant.

Yet, none of these news does not have significant effect on the cryptocurrency market. Obviously, these news are not the best for the biggest cryptocurrency exchange, however, they seem to be emerging at the time of “organized chaos or fud.” Therefore, if you are in this market, be sure to always check the relevance of the information, since many online magazines or financial websites seemed to misinterpret this information, which lead to spreading of the fud.

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