Binance banned from operating in the UK

Britain’s Financial Conduct Authority has declared one of the largest cryptocurrency exchanges, Binance, is not permitted to undertake any regulated activity in the UK. The regulator said no other entity in the group holds any form of UK authorization, registration, or licence to conduct regulated activity. Binance said the FCA notice would have no direct …

Britain’s Financial Conduct Authority has declared one of the largest cryptocurrency exchanges, Binance, is not permitted to undertake any regulated activity in the UK. The regulator said no other entity in the group holds any form of UK authorization, registration, or licence to conduct regulated activity.

Binance said the FCA notice would have no direct impact on the services it provides from its website Binance.com, reports BBC.

The FTSE 100 was today set to start the week flat while Bitcoin continued making gains after last week’s fall despite the UK clampdown on the Binance marketplace over moneylaundering concerns. Despite the ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies, the British media said.

Despite the ban, the FTA said. Binance’s existing crypto exchange is not UK-based so despite the decision, will not be affected by the ruling. Binance itself has not yet launched its UK business or used its FCA regulatory permissions. The regulator warned this month that many crypto exchanges were not meeting its anti-moneylaundering

ZDNet

Finance regulator bans Binance from operating in the UK | ZDNet

The FCA has declared Binance Markets Limited can only participate in any UK activities with prior written consent of the regulator.

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FCA Bans Crypto Exchange Binance From UK Market – Law360

The finance regulator has banned Binance Group, a German cryptocurrency company, from operating in Britain and has warned consumers to steer clear of unregulated digital assets.

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Britain bans cryptocurrency exchange Binance from operating in the UK without ‘written consent’

The UK’s financial watchdog also warned investors to be “wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products.”

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