Financial watchdog bans Binance crypto exchange from UK


The move suggests a crackdown on the cryptocurrency industry (Getty Images)

Brittany Financial conduct authority (FCA) said that Binance, one of the largest cryptocurrency stock exchanges, is not authorized to exercise any regulated activity in the UK.

the watch dog said in a statement that Binance, which is part of the larger Binance group, cannot undertake any regulated activity without the prior written consent of the FCA.

“The Binance Group appears to offer UK customers a range of products and services through a website, Binance.com,” the FCA statement read.

“No other entity in the Binance group holds any form of authorization, registration or license in the UK to conduct regulated activity in the UK,” the FCA statement read.

The move suggests a crackdown on the cryptocurrency industry over concerns about its potential role in illicit activity and comes at a time when Binance is under the control of regulators in other countries, including the United States. and Germany.

Bloomberg reported last month that the US Department of Justice and the Internal Revenue Service, which investigates money laundering and tax offenses, were seeking information from those who might have insight into the business.

Meanwhile, the German financial regulator, BaFin, also warned in April that the exchange risked being fined for offering digital tokens without prospectuses to investors.

Binance has previously stated that it “takes its compliance obligations very seriously and is committed to following the requirements of local regulators wherever we operate.”

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