UK bans world largest cryptocurrency exchange, Binance

Binance, one of the world’s largest cryptocurrency exchange, has been proscribed by Britain’s financial regulator.

The regulator said the company cannot conduct any structured activity and issued a warning to consumers about the platform, which is coming under growing inspection globally.

In a notice, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s only structured UK object, “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect”.

The regulator has also issued a warning to the users about Binance Markets and the wider Binance group.

Binance markets which were acquired in 2020, is not using its regulatory permission and FCA will not allow the services offered on Binance.com.

“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.

Last year, June Binance announced that it had bought an FCA-regulated entity and would use it to offer cryptocurrency interchange services using pounds and euros.