Binance banned from UK, should Brazilians worry?

Charlie Taylor

Coingoback" srcset=" 700w, uploads/2022/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, 150w, 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;"/>Binance received an order from the UK Finance Authority (FCA) to stop any regulated activity. generated some confusion on social networks. 

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Troubled Binance, Can Legal Uncertainty Affect BNB?

The brokerage suffers from regulatory problems in other countries. In Japan, the Financial Services Agency issued a notice stating that Binance was operating without the necessary permission. In Germany, the regulator said the brokerage may have broken financial rules by issuing tokenized shares. Last Friday, Binance asked all residents of Canada's Ontario province to close their accounts. As we highlighted in the post “What is BNB”, Binance's cryptocurrency is intimately connected to the performance of the broker, as part of the profit is used for the repurchase of currencies – raising the price. Legal uncertainty could affect BNB holders, as shown in an eToro report on the asset. However, so far, the price of Binance Coin has continued to rise despite the negative news, according to data from Coingolive:

Should Brazilians be concerned?

Even if the problems did not happen in Brazil, it is normal for Brazilian investors worry with the state of the company they use to trade their assets. Specifically, this order from the UK Financial Authority, however, does not directly affect and should not cause inconvenience to Brazilian users. Public Ministry by the Brazilian Association of Cryptoeconomics (ABCripto) in March. According to ABCripto, the brokerage firm continues to disrespect a stop order by the Brazilian Securities Commission (CVM) on derivative contracts to Brazilian clients. There is still no new news on the progress of this process.

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