UK Regulator Bans Binance, , World’s Largest Cryptocurrency Exchange.
On June 26, Britain's Financial Conduct Authority (FCA) said Binance "is not permitted to undertake any regulated activity in the U.K.".
Starting June 30, the company must add the following notice on its website and apps:.
BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE U.K, FCA notice, via CNBC.
Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. , FCA notice, via CNBC.
(No other entity in the Binance Group holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K.), FCA notice, via CNBC.
According to an FCA spokesperson, though Binance Markets Limited, the U.K. division of Binance, can no longer offer regulated services in Britain.
According to an FCA spokesperson, though Binance Markets Limited, the U.K. division of Binance, can no longer offer regulated services in Britain.
non-registered firms can still interact with U.K. customers, allowing Binance to continue offering crypto trading to Brits via its website.
A Binance spokesperson said,
"the FCA U.K. notice has no
direct impact on the services
provided on Binance.com.".
Providing access to cryptocurrencies itself is not a regulated activity, but offering derivatives is, which is presumably the activity the FCA is clamping down on, Laith Khalaf, financial analyst at AJ Bell, via CNBC