UK bans Binance, world's largest cryptocurrency exchange

UK bans Binance, world’s largest cryptocurrency exchange


Binance is one of the largest cryptocurrency exchanges in the world and has been banned by the UK financial regulator.

The regulator stated that the company could not conduct any regulated activities and issued a warning to consumers about the platform, which is under increasing scrutiny worldwide.

In a notice dated June 25, the Financial Conduct Authority (FCA) 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”.

It also issued a warning to consumers about Binance Markets and the wider Binance group.

Binance said in a statement that Binance Markets, which it acquired in 2020, was not yet using its regulatory permissions, and that the FCA’s move would not impact services offered on its website.

“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space,” a spokesperson said.

Binance announced in June last year that it has acquired an FCA-regulated entity and will use it to provide cryptocurrency trading services using British pounds and euros.

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