In October 2023, Cryptocurrency exchange, Binance, stopped accepting new clients in the UK following a regulatory decision that halted its marketing efforts in the country. The decision was publicly announced less than an hour before its implementation on 16 October 2023 as a result of the Financial Conduct Authority (FCA) blocking Binance's efforts to adapt to the new industry standards. These standards, which became effective earlier in October were among the most stringent in the world, reflecting the FCA's intent to bolster consumer protection in the wake of the previous year's digital asset price decline.
In June 2023, British banks aimed to share more data on economic crime suspicions to combat dirty money inflows into the country. Several banks were in discussions with British law enforcement and government agencies to establish two pilot programmes aimed at sharing intelligence on significant financial crimes like money laundering and terrorism financing. These efforts come as Britain intensifies its actions against economic crime, which politicians estimate costs the economy approximately GBP 350 billion annually.
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