News
Britain bans Binance in latest cryptocurrency crackdown
28 Jun 2021

Britain’s financial regulator has ordered Binance, one of the world’s largest cryptocurrency exchanges, to stop all 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 Ltd, Binance’s UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities…with immediate effect”.

Binance did not respond to a request for comment on Sunday.

While trading of cryptocurrencies is not directly regulated in Britain, offering services such as trading in cryptocurrency derivatives does require authorisation.

The FCA has told Binance that by June 30 it must display a notice stating “BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK” on its website and social media channels.

It must also secure and preserve all records relating to UK consumers and inform the FCA this has been done by July 2.

The regulator did not explain why it taken the measures against Binance, which has said previously that it takes its legal obligations “very seriously” and engages “with regulators and law enforcement in a collaborative fashion”.

The FCA is stepping up its oversight of cryptocurrency trading, which has soared in popularity in the Britain along with other countries around the globe.

By Derek Francis and Rachel Armstrong, Reuters, 27 June 2021

Read more at Reuters

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