The U.K. is Scared of Crypto. Very Scared.

Britain’s Financial Conduct Authority said that Binance Markets Limited, the world’s largest cryptocurrency exchange, “is not permitted to undertake any regulated activity in the U.K.” While some news outlets are reporting this as a ban, the key phrase is “regulated activity.” The U.K. isn’t banning crypto; it is refusing to regulate crypto-based derivatives and other types of transactions that are illegal in the U.K. unless they are regulated. This will limit the types of transactions you can do on binance.com in the U.K., but Brits will still be able to buy and sell their crypto.

Japan is following a similar path. Soon, I suspect most countries will do what they can to limit or curtail decentralized financial transactions (DeFi). After all, governments are the “ultimate” central authority, and any decentralized financial system cuts them out of the pattern.

The battle against DeFi is a war for control. Who will win?

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is a business advisor and technology consultant. He helps Fortune 500 companies with digital transformation, media and marketing. Named LinkedIn's Top Voice in Technology, he is the host of the Shelly Palmer #strategyhacker livestream and co-host of Techstream with Shelly Palmer & Seth Everett. He covers tech and business for Good Day New York, writes a weekly column for Adweek, is a regular commentator on CNN and CNBC, and writes a popular daily business blog. Follow @shellypalmer or visit shellypalmer.com

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