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?