Britain bans Binance’s UK ops in latest cryptocurrency crackdown
The U.K.’s Financial Conduct Authority, Britain’s financial regulator, has said Binance, one of the world’s largest cryptocurrency exchanges, cannot currently be permitted to undertake any regulated activities without the prior written consent of the FCA.
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 announced in June last year that it had bought an FCA-regulated entity and would use it to offer cryptocurrency trading services using pounds and euros.
AUTHORISATION
While trading of cryptocurrencies is not directly regulated in Britain, offering services such as trading in cryptocurrency derivatives do require authorization.
From June 30, Binance must inform U.K. users of the Financial Conduct Authority (FCA) restrictions in a well-known place on its website and apps.
It must also secure and preserve all records relating to UK consumers and inform the FCA this has been done by July 2. British citizens will still be able to access Binance’s services in other jurisdictions.
