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June 28, 2021

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UK bans Binance, the world’s biggest cryptocurrency exchange

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June 28, 2021

The Financial Conduct Authority (FCA) has banned the world’s biggest cryptocurrency exchange- Binance.

FCA has ordered that Binance cannot conduct any “regulated activity” in the UK.

It also issued a consumer warning about Binance.com, advising people to be wary of adverts promising high returns on cryptoasset investments.

“Binance Markets Limited is not permitted to undertake any regulated activity in the UK,” the FCA said, adding, “no other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK”.

Binance said the FCA notice would have no “direct impact” on the services it provides from its website Binance.com.

Binance’s existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies.

The FCA does not regulate cryptocurrencies, but requires exchanges to register with them. Binance has not registered with the FCA and therefore is not allowed to operate an exchange in the UK.

Binance is one of the most important operators in the fast-emerging crypto market, offering a wide range of services to customers around the world, including trading in dozens of digital coins, futures, options, stock tokens, as well as savings accounts and lending. It recorded crypto trading volumes equivalent to $1.5tn last month, according to data from TheBlockCrypto.

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.

Although the FCA has restricted Binance from offering services in the UK, British citizens can still access Binance’s services in other jurisdictions.

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