China has banned trading in cryptocurrency, making it the first country to do so.

China is the largest crypto market in the world, and it has been making a lot of news recently as it moves to make it extremely difficult for bitcoin to move into the country. But soon, it will be joined by another country, said to be the UK. How can this affect Bitcoin?

The Cryptocurrency market has been on a rollercoaster this year. Prices have jumped and fallen seemingly at random, with the value of Bitcoins rising from $19,000 to $19,800 (£14,000) in the space of just one week, before plunging to as low as $10,000 (£6,900) before recovering to $15,000 (£10,000) once again. However, the British government has announced plans to ban the use of virtual currencies in the UK, in what could be a fatal blow for the industry.

UK To Follow China In Banning Cryptocurrency?

After China imposed restrictions on cryptocurrencies, cryptocurrency markets were hit hard again – this time in one of the largest markets, the UK. Last weekend, the UK Financial Conduct Authority (FCA) ordered Binance to close by the 30th. During the month of June, all advertising and financial documents must be removed. The FCA has stated that none of the Binance Group companies are authorised to carry on regulated activities in the UK and that Binance Markets Limited is not authorised to carry on activities in the UK.

To get the green light to operate a cryptocurrency business in the UK, companies must register with the FCC, which is responsible for preventing money laundering and terrorist financing. However, only six companies have registered with the ACS so far, while 64 cryptocurrency companies have withdrawn their applications. Meanwhile, UK exchange Binance has reportedly suspended withdrawals and deposits of fiat money, raising fears of a possible crackdown on cryptocurrencies.

The UK is not the only country to impose stricter rules on companies working with cryptocurrencies. Japan, one of the most cryptocurrency-friendly countries, sent a warning to Binance a few days ago. A few days ago, Mexican Finance Minister Arturo Herrera announced that cryptocurrencies were being banned from the Mexican financial system. Moreover, the use of Stabelcoins is also prohibited by Mexican law.

 

The number of active Bitcoin addresses has dropped since China imposed the strictest measures against Bitcoin. The number of active Bitcoin addresses reached 1.4 million at the height of the bull market, but that number has now dropped to around 853,000.

UK To Follow China In Banning Cryptocurrency?

Source: BTC: Counting active addresses on CoinQuant.com

The recent drop in prices is one of the main reasons for the decline in the number of active addresses. When the market collapses, weak hands jump on silver and drive the price down even further. Although bitcoin showed a rally last week, investors are still skeptical of the market and unwilling to get back in on it. The lack of interest in bitcoin trading makes bitcoin prices more vulnerable and the market more volatile.

In 2023, cryptocurrencies received significant support from institutional investors. In addition to Tesla, several companies, including MicroStrategy, have invested billions of dollars in cryptocurrencies, and traditional financial companies like PayPal and Goldman Sachs have also begun offering cryptocurrency-related services. Crypto assets, however, face strong opposition from governments and central banks who want to launch their own digital currency. If countries’ legislation continues to tighten, bitcoin could visit lower rates in the near term.

Bexplus offers Ethereum price prediction, how to mine Litecoin and Xrp price prediction to help users follow the crypto-currency industry.

How to invest in an economic downturn

Although bitcoin will likely continue to lose value, you can still profit from it. Trading futures is one of the most popular tools for increasing your wealth. You can take advantage of price fluctuations to make money by speculating on the price direction of cryptocurrencies. Bexplus is a leading cryptocurrency derivatives platform accredited by MSB (Money Services Business). Bexplus offers 100x leverage on BTC, ETH, LTC, Dogecoin and XRP futures.

Log in to

Bexplus does not require KYC, so all you need to do is open an account with your email address in a minute. After registration a trading account and a demo account with 10 BTC are opened automatically.

Practice your skills Demonstration account

Successful traders are those who have learned to analyze the market and always keep a cool head. The best way to improve your skills and attitude is to practice on a free demo account.

Each user gets 10 BTC to start with, which can be topped up, so you can try out different strategies as much as you like.

UK To Follow China In Banning Cryptocurrency?

Deposit and get bonuses

No deposit is required. You can start your deposit with 0.001 BTC. To help merchants make more profits, Bexplus offers a 100% deposit bonus for every merchant. Deposit 1 BTC and get 2 BTC, and you can get up to 10 BTC for each deposit. The bonus is not withdrawable, but can be used as a margin.

UK To Follow China In Banning Cryptocurrency?

Earn passive income with Bexplus

When you’re not trading, you can transfer your BTC to an interest-bearing wallet and earn interest rates of up to 21% per year.

The interest is calculated daily and the profit on the deposit is paid out monthly. The monthly interest is calculated as follows: (S*I/365*30)=MI. S is the deposit amount, I is the interest and MI is the monthly interest.

The crypto currency market is full of opportunities, don’t hesitate to participate and claim your profits!China is going to ban cryptocurrency. This came to light during a recent briefing on anti-money laundering and combating terror financing by the State Council, China’s cabinet, which said using virtual currency was a ‘significant regulatory and technological challenge’.. Read more about why did china ban cryptocurrency and let us know what you think.

Frequently Asked Questions

Is crypto banned in the UK?

No, the UK government has not banned cryptocurrency.

Is Binance really banned in UK?

No, Binance is not banned in the UK.

Did China ban Cryptocurrency?

No, China has not banned cryptocurrency.

china officially backs a cryptocurrencybinance uk ban what does it meanchina crypto banhow many times has china banned bitcoinwhy did china ban cryptocurrencychina cryptocurrency,People also search for,Feedback,Privacy settings,How Search works,china officially backs a cryptocurrency,binance uk ban what does it mean,china crypto ban,how many times has china banned bitcoin,why did china ban cryptocurrency,china cryptocurrency,binance banned in uk what to do,chinese cryptocurrency name

You May Also Like

Chainlink Price Analysis: LINK spikes below $16 previous low, targets $15 next?

Bitcoin Cash [BCH] is on a bit of a downward trajectory today,…

‘Whale’ indicator that preceded 2023’s Bitcoin (BTC) crash is now back

In July 2018 the “whale” indicator of the crypto market experienced a…

What Do You Need To Do To Become A Skilled Trader?

Traders are those who have not only mastered the art of trading,…

A crypto fund co-chair assured that crypto would be as big as the Internet

It was just two days ago when the world’s largest cryptocurrency exchange,…