Saturday, July 24, 2021

Crypto Exchange Binance Banned in UK by Financial Regulators

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The British Financial Conduct Authority(FCA) has issued a consumer warning against Binance Markets Ltd., banning cryptocurrency exchanges from performing any regulated activity in the country.

The intervention by the Financial Conduct Authority in recent days is one of the most important steps moves any global regulator made against Binance, a digital asset firm around the Globe. The Exchanges has until Wednesday evening to ensure compliance with watchdog requirements and removed its advertising.

“Binance Group appears to be providing UK customers with a range of products and services through its website, Binance.com.”

Binance, which announced the acquisition of an FCA-regulated business last June and Binance.UK launch plans, will not be able to resume UK operations without prior written approval.

The FCA also this weekend issued a consumer warning against companies registered at Cayman Islands registered at Binance and Binance Markets Limited, a London-based organization owned by chief executive Changpeng Zhao and overseen by UK regulator.

Binance Receives Many Warning’s

This news comes at a time when Binance is reportedly being monitored by U.S. and European authorities and has received another warning from Japan about its unregistered operation.

On Friday Japanese FSA issued a warning stating that Binance had been providing crypto exchange services in the country without registering with the FSA.

This was the second warning by Japan’s financial market regulator. The crypto exchange giant received its first FSA warning in March 2018 when the regulator warned that the exchange would face criminal charges if it continued to operate without a license.

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Priyanshu Vijayvargiya
Founder and Editor-in-Chief of 'Virtualattacks Inc' Priyanshu Vijayvargiya is a cybersecurity analyst, Information Security professional, developer, and a white hat hacker.

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