Financial regulator of UK, FCA bans the world’s largest cryptocurrency exchange Binance.
Britain’s Financial Conduct Authority warns the U.K. division of Binance Market Limited (BML), that “it is not permitted to undertake any regulated activity in the U.K.”
Binance said the FCA notice would have no direct impact on the services it provides from its website Binance.com. The FCA ordered Binance market to remove all advertising and financial promotion by Wednesday, 30 June.
Consumer warning about Binance.com advising people to be wary of advert promising high return on crypto asset investment.
The FCA does not control any cryptocurrencies. The FCA has required the entire firm to offer cryptocurrency-related services to register and show they follow anti-money laundering rules. Binance has not registered with the FCA, hence it can’t operate as an exchange in the UK. Due to this reason, UK FCA bans the Binance exchange. Earlier this month, it said that just five firms have registered.
“We take a collaborative approach in working with regulators, and we take our compliance obligation very seriously.” Binance spokesperson added, “WE are actively keeping abreast of changing policies, rules, and law in this new space.”
Check with companies house to see which firm registered as a UK company and directors name.
Also Read: The People Bank Of China (PBOC) Says Banks Must Block Crypto Transactions
On June 25 Japan’s regulators said that Binance was operating in the country illegally, a notice posted on Japan Financial Services Agency.
