The UK’s Financial watchdog has issued a warning against Binance Markets Ltd. The regulator has said that Binance Markets Limited is not permitted to undertake any regulated activity in the UK.
The Binance ban, however, only applies to Binance’s English incorporation (Binance Markets Ltd.), as it has not yet registered with the Financial Conduct Authority (FCA). UK customers are, however, still permitted to interact with Binance Group, which maintains no official headquarters.
British crypto traders are therefore still permitted to use the crypto exchange to buy their favourite cryptocurrencies, and nothing changes.
FCA has ordered Binance to stop all regulated activities in the UK.
*Regulated activities – cryptoasset derivatives such as futures contracts, contracts for difference and options, stocks/shares. You will still be able to buy and sell crypto.
— Aleksandra Huk (@HukAleksandra) June 27, 2021
The FCA has ordered Binance to display a notice stating “BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK” on its website and social media channels by June 30 2021.
Although crypto exchanges that have yet to register with the FCA are still permitted to serve UK customers, they must complete their registration by 31 March 2022.
Feature image by Token Boss from flickr