Crypto exchange Binance Markets is barred from operating in the United Kingdom

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Fortune 27 June, 2021 - 11:11pm 48 views

Is Binance banned in UK?

Binance, the world's biggest crypto-currency exchange, has been banned by the UK's financial regulator. The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK. BBC NewsFinancial watchdog FCA bans crypto-currency exchange Binance

Why is Binance banned in UK?

(Bloomberg) -- Binance Markets Ltd. was banned by the U.K.'s financial watchdog from doing any regulated business in the country, one of the most significant moves to date by a regulator amid a global crackdown in the crypto industry. Yahoo FinanceU.K. Financial Regulator Bars Crypto Exchange Binance Markets

Binance has until June 30th to confirm that it's honoring the FCA's demands.

Engadget has asked Binance for comment. In the past, it said it took regulatory obligations "very seriously" and was "committed" to honoring the rules wherever it operated.

It's a significant blow. Binance is one of the largest crypto exchanges on the planet, with locations around the world and an industry-leading trading volume of about $2.46 trillion as of May 2021. The FCA's crackdown could not only limit trading in a major market, but hurt the company's reputation. It's not clear how easily Binance can address its situation, but it's under more than a little pressure to act quickly.

Update 6/27 2:55PM ET: Binance told Engadget this shouldn't have a direct effect on activity through its main website. Binance Markets Limited is legally separate and has "not yet launched" its UK business, the company said. This still isn't what the exchange operator wanted to hear, but it's not necessarily a calamity.

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Binance Isn’t Allowed to Be Operating in the UK, Watchdog Warns

Yahoo Finance UK 28 June, 2021 - 01:29am

Citing its own requirements, the FCA said Binance Markets Limited isn’t allowed to undertake any regulated activities without prior written approval.

The FCA said it appears Binance is offering U.K. customers products and services via Binance.com.

On Friday, Japan’s financial regulator warned that Binance is operating in that country without permission.

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