The UK’s financial watchdog has banned cryptocurrency exchange Binance. According to media reports, the UK’s Financial Conduct Authority has barred Binance. The world’s largest cryptocurrency exchange, from undertaking regulated activities in the nation. Including Binance Markets Limited and its parent company Binance Group.
The watchdog did not specify why it banned Binance but stated that the exchange. Was unable to operate due to an “imposition of restrictions.”
Binance has until June 30 to prove that it is complying with the FCA’s requests, Engadget said, citing the Financial Times.
The report states that it previously said that it took regulatory responsibilities “very seriously”. And was “dedicated” to following the laws everywhere it operated.
Binance is one of the world’s biggest cryptocurrency exchanges, with a global presence and an industry-leading trading volume of over $2.46 trillion as of May 2021.
The FCA’s crackdown may have a detrimental effect on not just trading in a large market, but also on the company’s image. It’s unclear how easy Binance can resolve its current predicament, but the company is under considerable pressure to move fast.
According to Binance, this should have no impact on activity on its main website.
Binance Markets Limited is a legally distinct entity that has “not yet started” its operations in the United Kingdom, the firm said.