The European Central Bank Has No Intention Of Increasing The Scale Of Debt Purchases / FCA Bans Binance From Doing Business In The UK

Reuters reported that members of the European Central Bank discussed in a video conference on Monday when they should start reducing their 1.85 trillion euro emergency bond purchase plan (PEPP). Among them, the governors of the central banks of Germany and Austria support reducing the size of debt purchases as soon as possible. The governors of the central banks of France and Italy tend to support maintaining the current bond purchase situation. At this stage, it is difficult to gauge whether the Fed or the European Central Bank will take the lead in reducing the scale of bond purchases. But it is almost certain that the European Central Bank has no intention of increasing the scale of debt purchases. As long as the European Central Bank is no longer willing to increase the amount of allowances, in order to avoid the dollar being thrown away and losing its leadership, it is conceivable that the Fed will find it difficult to continue to increase the amount of allowances. This will restrict the Biden policy from pushing one large-scale economic stimulus package after another.

British financial institutions stated that Binance, one of the world’s largest cryptocurrency exchanges, cannot conduct any regulated activities, and issued warnings to consumers on the platform. The British Financial Market Conduct Authority (FCA) stated in a notice on June 25, local time that, as Binance’s only regulated entity in the UK, Binance Markets Ltd “may not carry out any regulated activities without written permission from the FCA. Activities… the decision will take effect immediately”. Binance responded in a statement that Binance Markets, which the company acquired in 2020, did not use its regulatory license, and FCA’s actions will not affect the services on the Binance website. Binance also stated, “We adopt a cooperative attitude to cooperate with regulators. We take our compliance obligations very seriously, and we actively follow up with the changing policies and regulations in this field.” In June last year, Binance acquired a An entity regulated by the FCA, and use this entity to provide cryptocurrency trading services using British pounds and euros.