The Financial Conduct Authority (FCA) just ruled that the world’s largest cryptocurrency exchange Binance can’t run any “regulated activity” in the United Kingdom.
Binance already operates in the UK and offers British citizens its virtual currency services. Starting from June 30, the exchange platform must add a notice in a distinguishable place on its official webpage stating:
“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.).”
Binance is the largest virtual currency exchange platform by trading volumes and was set to initiate its own marketplace digital assets in the United Kingdom. Not long ago though, it was one of the companies that withdrew its application and didn’t register with the FCA because it couldn’t meet anti-money laundering requirements.
The Financial Conduct Authority also published a consumer warning on its official website informing the British about the new ban.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group).fca.org.uk
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 authorisation, registration or licence to conduct regulated activity in the UK.
The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.”
This is not the first time the exchange platform operates without permission. Japan’s Financial Services Agency also informed last week that Binance was operating in the country without the permission of the regulator.
“Binance does not currently hold exchange operations in Japan, nor do we actively solicit Japanese users. As you can understand, we do not comment, as a matter of policy, on specific matters related to any regulators.”Binance spokesman for Coindesk