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.
