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- The FTSE 100 was expected to open flat this week, while Bitcoin continued to rise after a drop last week
- This month, the regulator issued a warning that many crypto exchanges were failing to meet their anti-money laundering requirements
- The FTSE 100 was expected to open at 7137, unchanged
Despite the UK clampdown on the Binance marketplace over money-laundering concerns, the FTSE 100 was set to start the week flat today. Bitcoin continued to make gains after last week’s fall. On Wednesday, Binance Markets Limited, the UK arm of the leading cryptocurrency exchange, was ordered to cease all advertising and prominently display a notice on its website stating that it is prohibited from conducting regulated business.
Crypto Exchanges are being warned by regulators
This month, the regulator warned that many crypto exchanges were failing to meet their anti-money laundering standards, and over the weekend, it issued consumer warnings that it was not authorized in the UK.
Even though Binance claims that the move will have no effect on people’s ability to trade on its website, it will be seen as a major setback for the site and cryptocurrencies’ efforts to be taken seriously as an investment asset.
According to reports, a fake name, address, and postcode can be used to sign up for a Binance account, and different bank details can be used to buy cryptocurrency. Banks, such as TSB, have become increasingly concerned about conmen using Binance accounts to commit fraud against their customers. After Wall Street’s best week of share price gains since February, the FTSE 100 was expected to open flat at 7137.
Concerns regarding price inflation
Concerns about rising inflation and interest rates were alleviated by President Joe Biden’s infrastructure spending deal, but those issues will undoubtedly return to haunt markets in the near future.
Price increases are occurring in both the UK and the US, and some economists are becoming increasingly concerned that they are not as temporary as central bankers believe.
As we approach the end of the month and the end of the quarter, it’s worth noting that equity markets are on track to complete five consecutive months of gains in 2021, according to CMC Markets analyst Michael Hewson.
Various effects of Covid lockdown restrictions
The replacement of Matt Hancock by Sajid Javid has sparked speculation that the Covid lockdown restrictions will be lifted more quickly, which could benefit hospitality stocks and others who have been harmed by restrictions on civil liberties. The pound, on the other hand, did not react over the weekend as City analysts remained skeptical of the speculation.
The CMC argued that, despite the fact that cases of infection are rapidly increasing in the North of England, the government would not relax restrictions on 5 July, as some have suggested.
Wood Group, an oil engineer, may see its stock rise after the company announced late Friday that it had reached a deferred prosecution agreement with the Serious Fraud Office in connection with a bribery and corruption investigation.
It also said it had reached agreements with the US Department of Justice and the Securities and Exchange Commission, as well as Brazilian authorities, regarding Amec Foster Wheeler’s use of third parties before Wood bought it in 2017.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
