Binance, one of the world’s largest cryptocurrency exchanges, cannot conduct any regulated activity, Britain’s financial regulator has said. It also issued a warning to consumers about the platform.
Britain’s financial regulator has said Binance, one of the world’s largest cryptocurrency exchanges, cannot conduct any regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally. In a notice dated June 25, the Financial Conduct Authority (FCA) said Binance Markets, 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 said in a statement that Binance Markets, which it acquired in 2020, was not yet using its regulatory permissions, and that the FCA’s move would not impact services offered on its Binance.com website. “We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.
