The world’s largest cryptocurrency exchange, Binance, has been banned by the UK’s financial regulator, the Financial Conduct Authority (FCA).
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group),” the regulator announced in a press release. “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 UK authorization, registration or license to conduct regulated activity in the UK,” the release added. “The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.”
“Binance’s existing crypto exchange is not UK-based so, despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies,” the BBC explained, adding that the website is an “online centralized 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.”
“Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,” a spokesperson for the FCA told CNBC. “The action taken today on Binance Markets Limited has been in train for some time.”