World’s largest cryptocurrency exchange, Binance has been banned from operating in the United Kingdom by the country’s markets regulator, in the latest sign of a growing crackdown on the crypto market around the world.
Britain’s Financial Conduct Authority (FCA) on Sunday Binance Markets Limited, U.K. division of Binance, “is not permitted to undertake any regulated activity in the U.K.”
From June 30, the company — which already offers Brits crypto trading through its website — must add a notice in a prominent place in its website and apps showing U.K. users the following text:
BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE U.K. 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. (No other entity in the Binance Group holds any form of U.K. authorisation, registration or license to conduct regulated activity in the U.K.).
It also issued a consumer warning about Binance, advising people to be wary of adverts promising high returns on cryptoasset investments.
The regulator also stressed that no entity in the Binance Group holds any form of authorisation, registration or licence to conduct regulated activity in the UK.
Binance, world’s largest crypto exchange by trading volumes, was set to launch its own digital asset marketplace in Britain.
However, it was one of several crypto firms that withdrew applications to register with FCA due to not meeting anti-money laundering requirements.
Binance, in response has said FCA notice would have no “direct impact” on the services it provides from its website.
The existing crypto exchange is not UK-based so despite FCA ruling, there will be no impact on British residents who use the website to purchase and sell crypto-currencies.
Binance is an online centralised exchange that offers users a range of financial products and services, including purchasing and trading a wide range of digital currencies, as well as digital wallets, futures, securities, savings accounts and even lending.
This is not the first time that Binance has come under scrutiny by regulators over its global operations.
Read Also: Crypto Exchange, Binance Under Investigation In US
In the US, one of the firm’s entities – Binance Holdings – has been the subject of a probe by US Securities and Exchange Commission (SEC), specifically by its officials dealing with money laundering and tax offences, according to Bloomberg.
The company is currently based in the Cayman Islands. It was previously based in Malta.
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