The UK’s FCA (Financial Conduct Authority) has banned Binance, one of the world’s largest cryptocurrency exchanges, from conducting regulated activities in the country, the regulator announced on Thursday. The decision comes after a report by the FCA’s Markets in Financial Instruments Regulation (MFIR) division that was submitted to the FCA by Binance in December 2017.
The UK’s Financial Conduct Authority (FCA), the UK’s financial regulator, announced on Wednesday that it has now banned two cryptocurrency exchanges from trading in-and-out of the country, which it describes as “legitimate and regulated”.
The UK Financial Conduct Authority has today fined cryptocurrency exchange Binance £110,000 (over $147,000) for failings that allowed customers to trade on the platform outside of its regulatory scope. Binance, which is headquartered in Singapore, had operated a platform where users could purchase tickets that allowed them to buy crypto in third-party markets, including platforms that were not FCA-regulated.. Read more about is binance regulated in uk and let us know what you think.
The UK market regulator, the Financial Conduct Authority, has banned Binance Markets Limited (BML), part of the Binance Group, from carrying out regulated activities in the country. The regulator announced this on 26 June, stating that BML must obtain written consent before offering regulated products.
The FCA has also reportedly asked Binance to post a visible notice on its website to inform US citizens that it will no longer be able to offer services to the public as of the 30th. June is not allowed to offer regulated services in this country. Although the market regulator has stated that no Binance Group entity is licensed or registered in the country, the ban will not apply to the entire organization. Binance will therefore still be able to offer trading services in cryptocurrencies to Britons through its website.
The ban was imposed after Binance failed to comply with the FCA’s anti-money laundering requirements. As a result, Binance Markets Limited withdrew its application for 5MLD on the 17th. May 2021 back, prompting the regulator to restrict operations. According to an FCA spokesman, this action against BML had been under consideration for some time.
Search for consistency
Following the ban, Binance took to Twitter to reassure its UK customers that nothing was wrong. According to the company’s statement, BML is a separate legal entity and does not offer products on the Binance website. The company said its relationship with the British will remain unchanged, as the ban will not affect any of the services it offers on its website.
Explaining why the BML ban does not affect other operations, Binance said it was acquired in 2020 and has not yet launched its US operations or used its FCA permissions. Binance added that it is committed to working with regulators and takes its compliance responsibilities very seriously. In addition, Binance said it actively monitors the development of policies, regulations and laws in the crypto space.
In the interest of compliance, Binance has published a statement on its UK website stating the following
BINANCE MARKETS LIMITED IS NOT AUTHORISED TO CARRY OUT REGULATED ACTIVITIES IN THE UNITED KINGDOM.
The company also informed that it would seek prior written approval from the FCA before commencing and carrying on regulated activities in the country.
FCA continues to tighten measures against cryptocurrencies
While the FCA does not regulate crypto assets such as Bitcoin (BTC) and Ether (ETH), the MBL’s ban focuses on banning unregulated derivatives offerings. In a post about the MLB ban, the regulator urged Britons to be wary of online ads promising high returns on investments in cryptocurrencies and related products.
The agency said it has not approved most companies advertising cryptocurrencies. For example, investors in crypto products offered by these companies do not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme in the event that their investment fails.
With the ban on BML, the FCA has joined other regulators in trying to prevent Binance from offering products in their countries. For example, Japan’s Financial Services Agency (FSA) has warned that Binance should not operate in the country. However, a Binance spokesperson said the company does not have an active exchange operation in the country, adding that it does not attract Japanese customers.
In addition to the FSA, Binance has also been the subject of a recent investigation by the DoJ and the US IRS for money laundering and tax evasion. In March, the U.S. Commodity Futures Trading Commission (CFTC) also audited Binance to determine whether the company was allowing Americans to trade in violation of U.S. rules.The UK’s Financial Conduct Authority (FCA) has announced that Binance will not be allowed to use UK regulated exchanges to carry out its cryptocurrency trading activities, or provide virtual currency exchange services. The news comes as a surprise to many in the industry, who were under the impression that Binance was one of only two French-based companies to be officially licensed to do business in the UK. Binance has stated it will continue to work with the FCA to determine whether the decision will have any impact on its operations.. Read more about binance uk ban what does it mean and let us know what you think.
Frequently Asked Questions
Is Binance banned in UK?
No, Binance is not banned in the UK.
Why is Binance banned in UK?
Binance is banned in the UK because it does not have a license to operate there.
What does Binance ban mean for UK customers?
Binance has announced that it will be banning all UK customers from trading on its platform. This means that UK traders will no longer be able to trade on Binance, and the exchange will not allow any new registrations from the country. What does this mean for my funds? If you have funds in your Binance account, they are safe and unaffected by this decision. What does this mean for my Binance account? If you have a Binance account, it will be closed on March 20th.
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