Binance Markets Limited, part of Binance Group, is “not permitted to undertake any regulated activity in the UK”, the Financial Conduct Authority (FCA) said in a statement published over the weekend.

The ban affects options and futures contracts related to bets on price movements of cryptocurrencies.

However purchases of cryptocurrency units, such as of bitcoin and dogecoin, can continue since they are not regarded as financial products and are therefore not regulated.

Binance Group tweeted that the FCA move would have “no direct impact”.

Founded in China four years ago, Binance is one of the world’s two biggest crypto exchanges along with Coinbase in the United States.

Cryptocurrencies have long sparked concern among central banks and regulators alike, because of their lack of oversight.

The FCA has meanwhile warned consumers once more not to be lured by promises of high returns.

Bitcoin traders shrugged off the weekend developments, sending the virtual unit up 5.47 percent to $33,981 in Monday deals.

The unit has however slumped in recent weeks after China launched a crackdown on the industry.

Bitcoin had hit a record near $65,000 in April on the back of runaway demand.

Laith Khalaf, financial analyst at stockbroker AJ Bell, said that tighter regulation was a consequence of this boom.

“Cryptocurrency is a victim of its own success because regulators across the globe are increasingly turning their beady eyes on crypto assets — and companies like Binance that offer crypto services to consumers.

“This isn’t a step change in regulation which is going to knock the crypto craze on the head, but it is part of a growing trend of regulatory intervention in crypto markets.”

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“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump tweeted.

Trump, also stressed that cryptocurrency, whose electronic nature makes it nearly untraceable, could facilitate illegal activity.

Cryptocurrency has flourished since Bitcoin launched in 2009. But when Facebook unveiled plans last month for its own virtual currency, Libra, the announcement rattled financial regulators the world over.

With more than two billion Facebook users, the social media giant’s cryptocurrency — which is slated for a 2020 launch and already has multiple partners — could completely disrupt the financial world.

However, Trump said that Libra has “little standing or dependability.”

He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and international banking regulations.

“We only have one real currency in the USA, and it is stronger than ever,” he tweeted.

“It is called the United States Dollar!”

A high-level G7 working group is expected to produce a preliminary report on asset-backed cryptocurrencies next week when the group’s finance ministers meet in France.

“The more we, the international regulators, investigate this project, the more we have serious questions and potentially reservations,” said Francois Villeroy de Galhaut, head of the French central bank.

His American counterpart at the Federal Reserve also broached the topic Wednesday and Thursday when testifying before Congress.

“I think we need to do a very careful, patient, thorough assessment of what the risks really are,” Jerome Powell said Thursday, adding that the size of Facebook’s social media network points to Libra’s “systemic importance.”

Some American politicians have called for a total freeze on Facebook’s Libra project.

Facebook has pledged to deliver a stable virtual currency that lives on smartphones and could bring over a billion “unbanked” people — adults without bank accounts or those who use services outside the banking system such as payday loans to make ends meet — into the financial system.

The ubiquity of smartphones means digital wallets for Libra could expand the use of banking, credit card services and e-commerce in developing nations.

AFP

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Despite several communication sent to Watts Miners CEO David Anderson, and Chief Financial Officer Nancy Lopez, requesting payment of services rendered, this payment has not been received.

Watts Miners introduced itself has “a manufacturer of high-quality cryptocurrency miners that deliver extremely high hash power without consuming a lot of energy”.

The revenue generation of APO Group businesses remains unaffected by today’s announcement.

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