Binance banned : UK regulator bans Binance from operating in the country. Britain’s Financial Conduct Authority said on Saturday that Binance Markets Limited , the country’s arm of Binance, “ is not permitted to undertake any regulated activity in the UK .”
Starting June 30, Binance will be required to add a notice to its site and apps for UK users that states the following:
“BINANCE MARKETS LIMITED IS NOT PERMITTED TO CARRY OUT ANY ACTIVITY IN THE UNITED KINGDOM. Due to the requirements imposed by the FCA, Binance Markets Limited is not currently permitted to carry out regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group has any form of authorization or license in the United Kingdom to conduct trading“.
Binance, the world’s largest cryptocurrency exchange by trading volume, was set to launch its own digital asset marketplace in the UK. However, the service had applied to the FCA to receive 5MLD certification, which ensures that trading is not the result of any illegal activity. Both Binance and other companies were negatively assessed and withdrew their applications.
See also: Crackonosh malware: Abuses Windows Safe mode for cryptomining
An FCA spokesperson clarified that the scope of the ban was limited. While Binance Markets Limited is prohibited from offering services in the UK, non-registered companies can interact with UK consumers. This means that Binance could still offer crypto trading to Britons through its website.
A Binance spokesperson told CNBC: “The UK FCA notice has no direct impact on the services provided on Binance.com… Our relationship with our users has not changed.”
The cryptocurrency exchange said it is taking the authorities' demands seriously.
See also: Cryptocurrency miners bought 700,000 GPUs in Q1 2021
The FCA is not the only regulator taking on the crypto industry.
See also: Bitcoin: Falls below $30,000-The crypto market is in "free fall"
Japan's Financial Services Agency said last week that Binance is operating in the country without its license.
Meanwhile, China has stepped up its efforts to stamp out cryptocurrency speculation, ordering crypto miners to cease operations in certain areas, while urging banks and payment companies not to offer services related to cryptocurrencies.
Source: CNBC
