The United Kingdom’s Financial
Conduct Authority (FCA) has banned Binance, the world’s largest cryptocurrency
exchange by trading volume, from operating in the country.
The financial regulator on
Saturday said Binance Markets Ltd, the crypto platform’s only regulated UK
entity, “is not permitted to undertake any regulated activity in the U.K.”
The notice further reads: “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
regulated activity in the UK.
“The Binance Group appear to be
offering UK customers a range of products and services via a website,
Binance.com.”
The exchange has until June 30 to
confirm that it is complying with the FCA’s demands.
It must also secure and preserve
all records relating to UK consumers and inform the FCA this has been done by
July 2.
“The firm will remove, or where
this is not practicable, give instructions for the removal of any advertising
and financial promotions it currently has live, in whatever form they take by
close of business on 30 June 2021,” the FCA noted.
In a tweet on Sunday, Binance
said Binance Markets Limited (BML) is a separate legal entity and does not
offer any products or services via the Binance.com website.
It said the FCA UK notice has no
direct impact on the services provided on the crypto website, noting that its
relationship with users has not changed.
“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,” the tweet reads.
Last month, the Chinese
government banned financial firms and payment institutions from offering
services related to cryptocurrency transactions. It also prohibited crypto
exchanges and initial coin offerings (IOCs).
In Nigeria, the CBN had directed
banks to close accounts of persons or entities involved in cryptocurrency
transactions.
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