Organized ban UK financial marketsThe world’s largest cryptocurrency exchange, Binance, has acted within Britain, in the latest episode of the growing campaign against the crypto-financial asset market around the world, according to Sputnik.
On Saturday, Britain’s Financial Conduct Authority said Binance Markets Limited, the British unit of Binance, is not allowed to conduct any regulated activity in the UK, CNBC reported.
As of June 30, the company – which already offers UK cryptocurrency trading services via its website – must add a notice in a prominent place on its website and apps.
This reference to UK users must show that “the Company is not permitted to conduct any UK Regulated Activity due to the imposition of requirements by the Conduct Authority, and that it is not presently permitted to conduct any Regulated Activities without the prior written consent of the Authority”.
Binance, the world’s largest cryptocurrency exchange by trading volume, was planning to launch its own digital asset market in Britain.
However, it was one of several crypto firms that dropped the FCA’s registration application because it did not meet anti-money laundering requirements.
Unregistered companies can interact with UK consumers. This means that despite the ban on regulated services, Binance can still offer cryptocurrency trading through its website.