Britain’s top financial watchdog has banned Binance from conducting any regulated activity in the country, and issued a warning to users about the platform which has fallen from grace amidst its growing worldwide scrutiny.
In a notice dated 25th June, the Financial Conduct Authority (FCA) has advised Binance to stop undertaking any regulated activity in the UK by 30th June. The regulator has also asked the platform to display a notice on its social media platforms to inform all its users currently living in the country. Just for reference, the notice, as dictated by the FCA, must read, “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”
According to a source quoted by Decrypt, the ban in principle only applies to Binance’s UK entity, Binance Markets Limited, which hasn’t been registered with the FCA despite regular circulars to the platform to do so.
In detail, the source clarified that “UK consumers can continue to interact” with the Binance app and with Binance Group in general. Binance has also clarified the issue, stating on Twitter that customers can trade on Binance as usual, but the platform’s UK arm, Binance Markets Limited, will remain non-functional until further notice.
The UK financial watchdog’s latest move against Binance extends a regulatory crackdown on the cryptocurrency sector amid concerns about its potential involvement in money laundering.
Despite this, the overall crypto market has continued to show signs of maturity as BTC gained almost 8 percent within hours of the UK ban. It was trading a little north of the $35,000 market until the early hours of Monday, 28th June.
At the time of writing, Bitcoin was trading at $34,250.