Bitcoin on Monday shrugged off a move by Britain’s financial watchdog to target the major Binance exchange, in the latest sign of regulatory pressure on the emerging cryptocurrency sector.
In a notice dated Friday, the Financial Conduct Authority (FCA) said Binance could not conduct any regulated activity in Britain and warned consumers about the platform, which is coming under growing scrutiny globally.
The FCA’s move came as regulators across the world bolster oversight of the crypto sector.
Binance, one of the world’s biggest crypto exchanges, last month withdrew an application to register with the FCA, which oversees anti-money laundering rules, a spokesperson at the watchdog said.
He said Binance works closely with regulators and law enforcement “to further the security and sustainability in the industry while providing the best services and protection to our users”.
Binance has been targeted by regulators across the world in recent months.
