Binance cryptocurrency exchange banned by the FCA

The Financial Conduct Authority (FCA) has banned the worlds largest cryptocurrency exchange from pursuing any regulated business in the UK.

This follows the increase of tough actions by regulators against cryptocurrency exchanges around the globe in recent times.

According to the FCA it said that;

“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 a regulated activity in the UK.

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

Do you need more details on this? Then you are in luck because more information can be found on the Binance website right here!

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