The FCA (Financial Conduct Authority) in the UK has just banned the Binance cryptocurrency exchange. A ban that Binance will have to respect in order not to be prosecuted.
Recently, the British Financial Conduct Authority (FCA) has just banned the trading of Binance cryptocurrency in the United Kingdom. On June 26, the FCA sent a warning letter to the Chinese platform, giving them until June 30 to comply with the country’s rules.
Binance must abide by the rules of UK territory
The FCA has asked Binance to stop advertising from the platform. He should also keep the ongoing files with UK-based clients to “be made available to the FCA as quickly as possible”.
“Due to the rules imposed by the FCA, Binance Markets Limited is no longer allowed to engage in any form of regulated activity without the written consent of the FCA. No other entity in the Binance Group has any form of authorization, registration, or license to conduct a regulated activity in UK territory. The group appears to offer UK customers a variety of products and services through its website, binance.com, “reads the warning letter sent by FCA to the Chinese group.
Actors in good standing are relieved
The decision taken by the FCA has been a real relief for cryptocurrency players who abide by the rules imposed on the UK. For the founder of EXMO Exchange Ltd, the move marks the end of “a phase of the Wild West for the crypto market.”
As a reminder, the UK is not the first country to curb Binance’s activities. The platform’s dossier is also being examined in Germany and the United States.
“Binance Markets Limited is a separate legal entity and does not offer any products or services through the binance.com site. Binance Group acquired BML in May 2020 and has yet to start operations in the UK. (…) The decision taken by the FCA has no direct impact on our services offered by binance.com “
