FCA bans world’s largest cryptoasset exchange from UK

The Financial Conduct Authority (FCA) issued a consumer warning on 26 June 2021, cautioning the public that Binance Markets Limited (BML) is not permitted to take part in any regulated UK activity.

The London-based BML is part of the wider Binance Group, based in the Cayman Islands, and offers people worldwide a platform to buy and sell a growing number of cryptoassets, including bitcoin and etherium.

BML is not permitted to undertake any regulated activity without the prior written consent of the FCA, the financial watchdog said, meaning Binance must halt any form of advertising by 30 June.

The firm also has until the end of the week to show the FCA that it has stored records of all of its UK customers, ready to be handed over whenever necessary.

Binance said that the notice "has no direct impact on the services provided on Binance.com", but the FCA cautioned that services and compensation schemes will be unavailable to less fortunate crypto investors.

It added:

"We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.

"We are actively keeping abreast of changing policies, rules and laws in this new space."

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