UK Financial Regulator Bans Crypto Exchange Binance, Warns Investors

UK’s Financial Conduct Authority, has banned the operation of Binance, a cryptocurrency exchange platform.

The regulatory body in the UK made this known via a statement.

The Financial Conduct Authority accused Binance of offering certain services in the country.

It said, “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”

According to the regulator, Binance aids investors to buy and trade cryptocurrencies online.

FCA said, “No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”

Apart from the ban, it also warned UK investors to be careful of investments promising huge returns.

“Be wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products.

Japan regulators following the report have also cautioned Binance.

The embattled company will discontinue its service customers in Ontario, Canada.

“We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited,” Binance spokesperson told CNN Business.

“BML is a separate legal entity and does not offer any products or services via the Binance.com website. The FCA UK notice has no direct impact on the services provided on Binance.com. Our relationship with our users has not changed,” the spokesperson added.