Binance Banned in UK by FCA

The FCA (Financial Conduct Authority) has this weekend banned Binance from all regulated activities in the UK.

Britain’s financial watchdog issued a warning on its website saying:

“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group).”

“Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”

“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”

“The Binance Group appear to be offering UK customers a range of products and services via a website,”

Problems Mount for Binance

The latest blow to one of the world’s largest crypto exchanges follows Friday’s Binance warning by Japan’s FSA. The warning issued by the Japanese regulator said that Binance has been providing crypto exchange services in the country without registering with the FSA. This was the second warning by the Japanese financial market regulator. The crypto exchange giant received its first FSA warning in March 2018 when the regulator warned that the exchange would face criminal charges if it continues to operate without a license.

In April, Germany’s financial watchdog warned investors that Binance had likely violated securities rules over its launch of trading in stock tokens.

However, the latest move by the FCA is one of the most significant steps any global regulator has taken against Binance.

The Financial Conduct Authority published a consumer warning against both the Cayman Islands-registered Binance holdings company and Binance Markets Limited, a London-based affiliate controlled by chief executive Changpeng Zhao and overseen by the UK regulator.

The FCA Binance warning comes as regulators globally try to act on concerns that the crypto industry is being used for illicit activities such as money laundering.

(Photo: Binance)

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