Watchdog Cracks Down On Cryptocurrency Exchanges.
The UK Financial Conduct Authority (FCA) has ruled that the company cannot conduct “regulated activities” in the UK.
Commit to high-return-on-investment advertising for crypto assets. Binance said that the FCA notice would not have a “direct impact” on the services it provides from its Binance.com website.
However, Binance’s existing cryptocurrency exchange is not based in the UK. So there will be no impact on UK residents using the website to buy and sell cryptocurrencies despite the FCA ruling.
FCA does not regulate cryptocurrencies, but it does require exchanges to register with them. The bank is not registered with the FCA and cannot conduct business in the UK.
The FCA move comes amid the rejection by regulators around the world against cryptocurrency platforms.
Binance.com is a centralized online exchange that offers users a range of financial products and services, including buying and trading a wide range of digital currencies and digital wallets, futures, securities, savings accounts, and even loans.
Binance Group is currently located in the Cayman Islands, and Binance Markets Limited is a subsidiary located in London. The company has multiple divisions around the world, and Binance Group was previously based in Malta.
The FCA said that Binance Markets Limited (BML), which the Binance Group owns, is currently not allowed to conduct any regulated activity without the FCA’s prior written consent. You have until Wednesday to serve your sentence.
The regulator also emphasized that no entity in the Binance Group holds any authorization, registration, or license to conduct regulated activities in the UK.