UK bans Binance operations in the country

Monday 28 June 2021 15:00 CET | News

UK-based Financial Conduct Authority (FCA) has said crypto exchange Binance cannot conduct any regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally, according to Reuters.

In a notice dated June 25 2021, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance's only regulated UK-based entity, ‘must not, without the prior written consent of the FCA, carry out any regulated activities... with immediate effect’. It also issued a warning to consumers about Binance Markets and the wider Binance group.

Binance said in a statement that Binance Markets, which it acquired in 2020, was not yet using its regulatory permissions, and that the FCA's move would not impact services offered on its website.

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Keywords: Binance, FCA, cryptocurrency, cryptocurrency exchange
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech