Finance regulator bans Binance from operating in the UK

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Britain’s Financial Conduct Authority (FCA) has declared one of the largest cryptocurrency exchanges, Binance, is not permitted to undertake any regulated activity in the United Kingdom.

Binance Group, through its Binance Markets Limited arm, was in operation in the UK, but it now cannot participate in any activities without the prior written consent of the FCA.

While the group is offering UK customers a range of products and services via its Binance.com website, the FCA said no other entity in the group holds any form of UK authorisation, registration, or licence to conduct regulated activity.

Binance in May 2020 acquired FCA-approved Binance Markets Limited. The Group said it has not yet launched its UK business or used its FCA regulatory permissions.

“The FCA UK notice has no direct impact on the services provided on Binance.com. Our…

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