Binance is one of the most important cryptocurrency exchanges in the world.
Britannian the financial regulator says Binance, a cryptocurrency trading venue, must not have “regulated activities” in the UK. The authority has also published warning related to cryptocurrency exchange advertising.
The Financial Conduct Authority (FCA) urges consumers to be wary of the high returns promised by Binance.
Formerly a Maltese, Binance Group has several offices around the world and is currently headquartered in the Cayman Islands.
The FCA’s decision concerns Binance Markets Limited (BML), a part-owned company in the Group, based in London. According to the decision, the company may not have operations under the Financial Supervision Authority in the United Kingdom unless specifically permitted in advance by the FCA. BML has been given until Wednesday to respond to the FCA’s policy.
In addition, the FCA emphasizes that other operators in the group have not been authorized to provide services subject to the Financial Supervision Authority in the United Kingdom.
Website Through Binance.com, you can buy and sell a variety of cryptocurrencies, but the site also offers digital wallets and even loan services, for example.
BBC’s by as a result of the decision, Binance’s services cannot be used in the UK for betting or speculation on cryptocurrency prices. However, the British could still buy and sell cryptocurrency as this trade is not under the supervision of the Financial Supervisor.
According to Binance, the FCA decision does not have a “direct impact” on the services provided on its website.