Why the banning of giant cryptocurrency exchange Binance isn’t really a ban

Cryptocurrency trading isn’t regulated and the hard truth is that watchdogs have little power over this type of company, writes James Moore

The dilemmas created by cryptocurrencies is taxing central banks and regulators the world over (AP)

A matter of minutes after seeing the headlines trumpeting “Binance banned by the Financial Conduct Authority” I’d clicked on to the website of the world’s largest cryptocurrency exchange, put in my email address and created a password.

If I’d have added my credit card, I’d have been free to trade to my heart’s content. Needless to say, I decided I could live without that. I’m better at writing about money than I am dealing in it. If I was any good at the latter I’d be living in a much bigger house.

I’m also a cautious investor so I’m inclined to take note when the UK’s top financial watchdog plugs in the equivalent of a bright red flashing light and pumps the recording of a police siren through a Bluetooth speaker.