UK Financial Regulator Bans Binance

Britain’s financial regulator has banned one of the world’s largest cryptocurrency exchange, Binance.

Gatekeepers News reports that the Financial Conduct Authority (FCA) has said Binance cannot conduct any regulated activity and issued a warning to consumers about the platform.

The FCA, in a notice dated June 25, said Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”.

The development comes after FCA in January asked all firms offering cryptocurrency-related services to register and show they comply with anti-money laundering rules.

Gatekeepers News gathered that while trading of cryptocurrencies is not directly regulated in Britain, offering services such as trading in cryptocurrency derivatives do require authorisation and as of early June just five firms had registered as the majority are yet to comply.

The FCA has informed Binance that by Wednesday, June 30 it must display a notice stating “Binance Markets Limited Is Not Permitted To Undertake Any Regulated Activity In The UK” on its website and social media channels.

It must also secure and preserve all records relating to UK consumers and inform the FCA this has been done by July 2.

Although, the FCA decision won’t affect British citizens who use the website to purchase and sell cryptocurrencies.