The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Crypto Exchange Binance Banned by UK’s Financial Watchdog

Crypto

Britain’s financial regulator, the FCA (Financial Conduct Authority) has said that Binance is no longer allowed to conduct regulated activity in the UK. 

The Financial Conduct Authority has stated that one of the largest crypto exchanges in the world, Binance, is no longer permitted to conduct any regulated activity in the UK. The regulatory body has also issued a warning to the consumers about the crypto exchange, particularly as the platform is coming under increasing scrutiny worldwide. 

In a notice published on June 25, the FCA stated that Binance Markets Ltd, Binance’s only regulated UK body, “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect”. A wider warning was also issued to all consumers regarding Binance Markets and the Binance Group. 

Despite the statement from the FCA, Binance has commented that Binance Markets, which it acquired in 2020, was not yet using its regulatory permissions, and that the FCA’s move would not impact services offered on its Binance.com website.

In June last year, Binance announced that the company had bought an FCA-regulated entity and would be using it to offer cryptocurrency trading services using pounds and euros.

Additional Information in the Notice

Although trading cryptocurrency is not regulated in the UK, authorization is required when offering services such as trading in crypto derivatives. 

The FCA has stated that by June 30, Binance must display a notice on its website and social media channels, stating BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK”.

Additionally, the FCA has also ordered that by July 2, Binance must secure and preserve all the records of UK users and inform the FCA. 

Why this step has been taken, is not yet explained by either party. However, the step may have arisen due to growing concerns of Binance facilitating illegal activity across the globe.

Japan’s regulator stated on June 25 that Binance was illegally operating in the country. Last month, the US Department of Justice began an investigation on Binance over concerns of AML breach. 

Suggested Read: Crypto Under Threat – UK Banks are Blocking Payments

Related Posts

News

Kansas Reports Highest Number of Identity Theft Cases in 2020

New research conducted reveals that Kansas State has been ranked at number one for having the mos...

Kansas Reports Highest Number of Identity Theft Cases in 2020 Explore More

News

Financial Regulators in Uganda Demands Government to Set Crypto Regulations

Uganda’s financia regulators, Financial Intelligence Authority (FIA), want the government to take...

Financial Regulators in Uganda Demands Government to Set Crypto Regulations Explore More

News

Crypto Under Threat – UK Banks are Blocking Payments

Due to rising financial crimes related to cryptos, banks in the UK are blocking payments to crypt...

Crypto Under Threat – UK Banks are Blocking Payments Explore More

News

Philippines AML Council Adds POGO to its Non-Compliance List

In its efforts to fight money laundering and terrorist financing, AMLC has added third POGO to th...

Philippines AML Council Adds POGO to its Non-Compliance List Explore More

News

Financial Regulators in China Ban Bitcoin Trading for Financial Security

China imposed a fresh ban on the cryptocurrency sector making the price of bitcoin fall below $34...

Financial Regulators in China Ban Bitcoin Trading for Financial Security Explore More

News

Facebook affirms Libra commitment with new job openings

According to the Irish Times. Facebook is planning to hire 50 people for its payment app Calibra ...

Facebook affirms Libra commitment with new job openings Explore More

News

China officially recognizes Blockchain jobs as a new occupation

The ongoing COVID-19 outbreak is modifying blockchain companies, and its effect is not always neg...

China officially recognizes Blockchain jobs as a new occupation Explore More

News

Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks

LONDON – Global regulators have suggested greater scrutiny of clearinghouses managing trill...

Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks Explore More

News

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme

A Georgian billionaire, Bidzina Ivanishvili, has sued the Swiss bank, Credit Suisse over a Fraud ...

Client Sues Credit Suisse for Losing $607 Million in Fraud Scheme Explore More

News

Natwest Caps Transfer Limit to Binance Over Fraud Concerns

Natwest bank is scrutinizing cryptocurrency transactions, including Binance transactions, due to ...

Natwest Caps Transfer Limit to Binance Over Fraud Concerns Explore More

News

FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval

The UK financial watchdog has approved only 41 registration applications of crypto firms out of 3...

FCA Hints Why only 15% of Crypto Firms Received Regulatory Approval Explore More

News

HKMA Reveals Phishing Fraud Went Up by 145% in 2021

Statistics revealed by HKMA show that phishing fraud rose by 145% in the first half of 2021.  Hon...

HKMA Reveals Phishing Fraud Went Up by 145% in 2021 Explore More

News

Money Laundering Scheme by Crime Gangs Focuses on Ireland

International criminal organisations are using millions of euros in legitimate products to mask s...

Money Laundering Scheme by Crime Gangs Focuses on Ireland Explore More

News

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation

The Bank of Ghana proposed guidelines for banks to enhance the Anti-Money Laundering and Combatin...

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation Explore More

News

US Officials allege student defrauded Apple as part of SIM swap attack

Richard Yuan Li, a student at the University of California-San Diego, is charged with plotting to...

US Officials allege student defrauded Apple as part of SIM swap attack Explore More

News

Shufti Introduces AI-Based OCR for Better Customer Verification

Verifying customers is the goal of our clients and we believe in providing the best solutions. Th...

Shufti Introduces AI-Based OCR for Better Customer Verification Explore More

News

Saudi Central Bank Instruct Banks to Combat Financial Crimes

According to the Central Bank of Saudi Arab, the fraudulent operations are linked with the money ...

Saudi Central Bank Instruct Banks to Combat Financial Crimes Explore More

News

US Treasury Department Issues AML Study for the Art Market

The US Treasury Department Issues anti-money laundering (AML) study for the art market, aiming to...

US Treasury Department Issues AML Study for the Art Market Explore More

News

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries

In a major money laundering crackdown, European police identified more than 18,000 money mules, a...

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries Explore More

News

Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies

The fine for digital currency money laundering in Brazil is set to be raised to two-thirds of the...

Brazil to Adopt Tougher Penalties to Curb Money Laundering via Digital Currencies Explore More

News

Real Estate is Becoming a Primary Target for Money Launderers in the UK

According to a government report, Luxury London homes are a new method to launder illicit funds. ...

Real Estate is Becoming a Primary Target for Money Launderers in the UK Explore More

News

Facebook’s Libra is a Failure in its Current Form says Swiss President

According to the Swiss President, the controversial project by Facebook has ‘failed’ in its curre...

Facebook’s Libra is a Failure in its Current Form says Swiss President Explore More

News

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months

China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months Explore More

News

11 Jailed in Saudi Arabia for Laundering $2.7 Billion

Saudi Arabia has jailed and fined 11 individuals SR62.5 million for money laundering. The group l...

11 Jailed in Saudi Arabia for Laundering $2.7 Billion Explore More

News

US Attorneys Probe into Binance Money Laundering Violations

US federal prosecutors have reportedly issued subpoenas to several hedge funds connected with Bin...

US Attorneys Probe into Binance Money Laundering Violations Explore More

News

Central Bank of China Issues Warning of DC/EP Fraud

China’s Central bank, the People’s Bank of China along with two other regulatory authorities has ...

Central Bank of China Issues Warning of DC/EP Fraud Explore More

News

Mexico: Federal Anti-Money Laundering Agency Freezes 1352 Accounts for Money Laundering

On Tuesday, the police and federal anti-money laundering agency said that they have frozen 1352 b...

Mexico: Federal Anti-Money Laundering Agency Freezes 1352 Accounts for Money Laundering Explore More

News

MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports

The civil liberties and economic affairs committees discussed the plan to establish an EU Authori...

MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports Explore More

News

Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency

A stringent set of anti-money laundering measures will be implemented in Japan starting June 1st,...

Japan to Enforce Strict Anti-Money Laundering Laws on Cryptocurrency Explore More

News

FATF Publishes Two New Updates on Global ML/TF Risks

FATF, the international group that makes global Anti-Money Laundering and Countering Terrorism Fi...

FATF Publishes Two New Updates on Global ML/TF Risks Explore More

News

FATF Urges Qatar to Increase its Efforts Against Money Laundering

A recent FATF evaluation of Qatar’s anti-money laundering procedures says local regulators must w...

FATF Urges Qatar to Increase its Efforts Against Money Laundering Explore More

News

2021 to Set New Record for Most Data Breaches in a Year

Studies have shown a staggering 1,291 data breaches till the end of September this year, exceedin...

2021 to Set New Record for Most Data Breaches in a Year Explore More

News

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention

The department of Internal Affairs has issued a formal warning to Auckland’s real estate company ...

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention Explore More

News

Canada loses millions in online scams

According to CBC News, 6492 incidents of fraud were reported to Edmonton Police last year, result...

Canada loses millions in online scams Explore More

News

Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases

Bermuda Island was rated high in the 2020 Money Laundering and Terrorist Financing Risk Assessmen...

Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases Explore More

News

Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case

A Swiss Prosecutor has identified the trail leading to the Credit Suisse money laundering case wo...

Swiss Prosecutor Identifies Trail to Credit Suisse Money Laundering Case Explore More

News

Monetary Authority of Singapore to Take Tougher Action Against Data Breaches

To address the data privacy concern, MAS has recommended that data privacy offences should be mad...

Monetary Authority of Singapore to Take Tougher Action Against Data Breaches Explore More

News

Japan Calls for Disclosure of Major Company Shareholders

Japan’s Ministry of Justice will require firms to submit details of their major shareholders, als...

Japan Calls for Disclosure of Major Company Shareholders Explore More

News

The Chinese central bank confirms digital Yuan mobile app trials

According to a statement, the People’s Bank of China (PBoC) conducts internal tests for the natio...

The Chinese central bank confirms digital Yuan mobile app trials Explore More

News

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings

The UK Gambling Commission has charged the Kindred Group with a hefty £4.19-million (US$5.15 mill...

UK Gambling Commission Charges Kindred Brand $8.7M over AML Shortcomings Explore More

News

FCA Emphasises on Companies to Invest in Compliance Program

The U.K’s financial crime investigation agency is now taking steps that will involve the companie...

FCA Emphasises on Companies to Invest in Compliance Program Explore More

News

China Enhances AML Obligations to Combat Money Laundering

Chinese authorities have released the latest guidelines to enhance security in the financial sect...

China Enhances AML Obligations to Combat Money Laundering Explore More

News

Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law

The UK’s Financial Conduct Authority (FCA) updated the crypto industry regulations recently, whic...

Experts Warn Many Firms Will Face Challenges With Latest FCA UK Crypto Law Explore More

News

Nigeria, Myanmar, and Türkiye Take Effective Steps to Meet FATF Recommendations

Myanmar, Nigeria, and Türkiye are implementing effective measures to level up anti-money launderi...

Nigeria, Myanmar, and  Türkiye Take Effective Steps to Meet FATF Recommendations Explore More

News

UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure

Buzz Bingo has been fined £780,000 by the UK Gambling Commission (UKGC) for social responsibility...

UKGC Imposes EUR 780K Fine on Buzz Bingo for AML Failure Explore More

News

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN

Nigerian banks are ordered to track and freeze non-compliant crypto accounts, while banks that fa...

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN Explore More

News

MASAK to Investigate Short Video Hosting Platform, TikTok Over Money Laundering Allegations

MASAK is investigating the scammers involved in money laundering on TikTok. Over the serious alle...

MASAK to Investigate Short Video Hosting Platform, TikTok Over Money Laundering Allegations Explore More

News

Australians Lost a Record Amount of Over $3 Billion to Scams in 2022

The Australian Competition and Consumer Commission (ACCC) revealed that Aussies lost more than $3...

Australians Lost a Record Amount of Over $3 Billion to Scams in 2022 Explore More

News

New ultrasonic hack can manipulate your digital assistant

Researchers are advising consumers about a new type of hack that has recently emerged. It involve...

New ultrasonic hack can manipulate your digital assistant Explore More

News

Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering

AFP rolled out a dedicated crypto unit to combat monetary scams by fraudsters. According to AFP, ...

Australian Federal Police to Establish a Cryptocurrency Unit to Combat Money Laundering Explore More

News

Saudi Arabia Takes New Measures to Tackle Financial Crime

Saudi Authorities have approved a new legislative measure designed to enhance their efforts in fi...

Saudi Arabia Takes New Measures to Tackle Financial Crime Explore More

News

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

News

Japan’s regulator verifies 2 new digital currency alliances

Financial regulators in Japan have approved two organizations to act as digital currency associat...

Japan’s regulator verifies 2 new digital currency alliances Explore More

News

Anti-Money Laundering Initiative in Ireland Extended to Bitcoin

Cryptocurrency buyers and sellers in Ireland, under the new anti-money laundering regime, will no...

Anti-Money Laundering Initiative in Ireland Extended to Bitcoin Explore More

News

FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings”

The Isle of Man Financial Services Authority (IOMFSA) has imposed EUR 247,324 fine on Standard Li...

FSA Imposed £247,324 Fine on Standard Bank for “Serious Regulatory Failings” Explore More

News

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions

Visa Inc. and Mastercard Inc. are once again facing inquiries by the Federal Trade Commission ove...

Visa, Mastercard Face FTC Inquiry Over Debit Card Transactions Explore More

News

Medical Testing Postpones Money Launderer’s Sentencing

The conviction of Mark Scott, a licensed advocate involved in laundering $400 million for the unp...

Medical Testing Postpones Money Launderer’s Sentencing Explore More

News

Japan Considers Facial Recognition to Trace Contact at Large Scale Events

According to the Japan Times report, the country is planning to introduce facial recognition at l...

Japan Considers Facial Recognition to Trace Contact at Large Scale Events Explore More

News

Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow

A specialised court in Abu Dhabi will be developed to oversee the measures to fight financial cri...

Abu Dhabi to Establish Executive Office to Combat Illicit Financial Flow Explore More

News

Shufti Relocates its London Office to Facilitate the Company Growth

March 2021, Shufti is pleased to announce the relocation of its London office to a larger and...

Shufti Relocates its London Office to Facilitate the Company Growth Explore More

News

$140 Million Stolen as Crypto Gaming Company Gets Hit by Hackers

VulcanForge is the third cryptocurrency company to be targeted by hackers in just this month, wit...

$140 Million Stolen as Crypto Gaming Company Gets Hit by Hackers Explore More

News

Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions

Philippines ramps up efforts to step out of the FATF’s grey list and reminds banks to monitor and...

Philippines: Banks Reminded to Closely Monitor and Report Suspicious Transactions Explore More

News

South Korea Seizes $47M Worth of Crypto from Tax Evaders

South Korean officials have seized $47 million in cryptocurrency from 12,000 individuals accused ...

South Korea Seizes $47M Worth of Crypto from Tax Evaders Explore More

News

Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities

Bulgarian officers have launched an investigation against Nexo as the crypto Lender was involved ...

Bulgarian Prosecutors Investigate Crypto Lender Nexo for Alleged Illegal Activities Explore More

News

Latin America’s Private Investment Funds at Risk of Money Laundering

Private investment funds are exposed to money laundering as they contain a number of structural r...

Latin America’s Private Investment Funds at Risk of Money Laundering Explore More

News

Brace for Home Visits, FCA Warns Remote Traders and Bankers

UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

Brace for Home Visits, FCA Warns Remote Traders and Bankers Explore More

News

CFTC Fines CHS Hedging for AML and Other Violations

The Commodity Futures Trading Commission (CFTC) has fined CHS Hedging a civil monetary penalty of...

CFTC Fines CHS Hedging for AML and Other Violations Explore More

News

New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures

New York’s top financial regulator has fined Robinhood $30 million for failures and shortcomings ...

New York State Department Fines Robinhood $30m for Inadequate AML Compliance Measures Explore More

News

SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine

Australian gaming company, SkyCity Entertainment, has provisioned $29m in anticipation of a civil...

SkyCity Entertainment Earmarks $29m for Anticipated AML/CFT Regulations Fine Explore More

News

Govt assists Struggling Swiss Crypto Valley

Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...

Govt assists Struggling Swiss Crypto Valley Explore More

News

Hong Kong Customs Commissioner Urges to Enhance Supervision in Crypto Exchange

Hong Kong’s Commissioner of Customs and Excise, Louise Ho Pul-shan, has urged to enhance the secu...

Hong Kong Customs Commissioner Urges to Enhance Supervision in Crypto Exchange Explore More

News

Cybercrimes in UK have ‘doubled’ in past five years

Large businesses remain most at target but SMBs have seen the steepest rise in successful cyber a...

Cybercrimes in UK have ‘doubled’ in past five years Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started