The UK has become a place where drastic measures are taken on cryptocurrencies. Many UK banks discriminated against the Binance exchange. This time, however, the situation is a little different, the London court seeks help from the Binance exchange on cybercrime. So how does the UK, which is so hard against the Binance stock market, asking for help? What does it mean?
UK and Binance Exchange
The UK court has in a way confirmed its legitimacy by asking for help from the Binance exchange. Coming to the details of the event, Fetch.ai, which conducts artificial intelligence research, was attacked. In this attack, $2.6 million worth of crypto money belonging to Fetch.ai was stolen. Unable to protect its Binance accounts, the company applied to the London court. After the application, the court sent a letter to the Binance exchange regarding the detection of criminals and the freezing of assets.
Syedur Rahman, one of the lawyers of the artificial intelligence company, made a statement on the subject.
“Cryptocurrencies have a limit of course, with the right rules and cooperation with exchanges, this can be eliminated if necessary”.
Some of the assets belonging to Fetch.ai have been frozen by Binance. The exchange asked them to provide evidence that they had been hacked in order to return the assets.
Binance and Restrictions
The UK Financial Conduct Authority called on Binance Markets Limited to cease its unregulated activities in June. Following this announcement, major financial institutions such as HSBC restricted payments to the stock market and warned their customers.
Despite many restrictions, Binance officials have made every effort to comply with current regulations. As an indication of this effort, a request for assistance comes from the London court. Binance exchange is recognized as a legitimate institution in UK courts.
Binance CEO recently announced that his company will now comply with regulations before they come. To date, the Binance exchange has been expanding its operations and then trying to comply with regulations. But over the past few weeks, the company has changed that perspective. Continuing to expand its compliance team for this purpose, the exchange wants to break the regulatory pressure on it. The brand, which plans to open one company and local stock exchange for each country, will establish good relations with all local regulators.
The FTX exchange has been contacting local regulators for some time and continues its global expansion in a controlled manner. It seems that the Binance exchange will also cause less trouble by going the way of FTX.