Binance, one of the world's largest cryptocurrency exchanges, was banned on Sunday from any regulated activities in the UK when Britain's fi

Cryptocurrency Exchange Binance Banned In The UK

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2021-06-27 16:00:09

Binance, one of the world's largest cryptocurrency exchanges, was banned on Sunday from any regulated activities in the UK when Britain's financial watchdog the Financial Conduct Authority imposed stringent requirements against Binance, a sprawling digital asset firm with subsidiaries around the world. The exchange has until Wednesday evening to confirm it has complied with the watchdog’s demands, including removing all advertising and financial promotions, according to the FCA’s register.

Binance must also make clear on its website, social media channels and all other communications that it is no longer permitted to operate in the U.K.

As part of the FCA’s actions, the regulator ordered Binance to display by next Wednesday on its website that, “BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK.” Binance Markets Limited also must “secure and preserve all records and/or information . . . relating to all UK consumers from its systems” and halt any advertising and financial promotions.

Binance Markets Limited is not approved under the FCA’s cryptocurrency registration regime, which is required for UK groups offering digital asset services. The entity had applied to become a registered cryptocurrency company with the regulator, but pulled that application last month according to two people familiar with the situation. The watchdog confirmed the application had been dropped “following intensive engagement from the FCA”.