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Cryptocurrency Price Check: Binance Hit With U.K. Ban

Binance Market has until Wednesday evening to confirm that it has removed all advertising and financial promotions, according U.K. regulators.
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Binance Markets, the world's biggest cryptocurrency exchange, has been barred from doing business in the United Kingdom.

Binance Markets has until Wednesday evening to confirm that it has removed all advertising and financial promotions, according to the register of Britain’s Financial Conduct Authority, the U.K.'s financial watchdog. 

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It also must make clear on its and social media channels that it has been barred in the U.K. 

The news follows reports last month that Binance was being investigated by the U.S. Justice Department and Internal Revenue Service.

Police in the U.K. seized about $158 million worth of cryptocurrencies last week as part of a money laundering investigation.

Meanwhile, Bitcoin, the world's largest cryptocurrency, was up 3.2% on Monday to $34,386, according to CoinDesk. Ethereum rose 8.6% to $2,014, while Dogecoin was up 4.2% to 26 cents.

Bitcoin had a rough ride early last week, sliding below $30,000, a key support level and its lowest since late January, as China amped up its crackdown on cryptocurrencies. The digital token rebounded later in the week.

Winston Ma, adjunct professor at New York University School of Law and author of "The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace," said that the crypto trading market remains volatile amid China’s crypto crackdown.

 “The new trigger is from the trading regulation side, which probably is just starting”, he said, noting that China’s new regulations in the last few weeks were mostly on the mining side. “We continue to see China crackdown’s global impact.”

Days ago, China's central bank summoned Alipay/ Alibaba Group and many state-owned banks, asking them not to get involved in crypto operations, Ma said.

"This indicates that China is launching serious enforcement of the crypto regulations," he said.

David Lesperance, managing partner of Lesperance & Associates, said that businesspeople who fall out of government favor in China "do not have a history of longevity for their freedom."

"One half of the coin is escaping the wrath of Chinese authorities," he said, "the other is finding a safe haven for your family and your business. "

Lesperance said Bitcoin miners need a back-up plan to protect themselves and their families from a personal backlash from the Chinese government.

They also need the ability to set up operations in a location which has low price energy; rule of law to protect their business; and  a supply of trained local staff to operate their facilities. 

"The crypto-exchange clients also need a personal Backup Plan for themselves and their families," Lesperance said. "However, their business needs are different. They need to establish their exchange in a location which will allow them to operate and thrive in a legal environment which will allow them to meet the incoming regulation of the US, UK, EU and others."

Also, Tesla  (TSLA) - Get Free Report Chief Executive Elon Musk and Twitter  (TWTR) - Get Free Report CEO Jack Dorsey, tweeted their agreement to discuss Bitcoin at an online event next month.