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World's Largest Cryptocurrency Exchange Binance Banned In UK

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World's Largest Cryptocurrency Exchange Binance Banned In UK

The UK's financial watchdog has banned leading cryptocurrency exchange Binance from all regulated activities in the UK.

In another sign of an international crackdown on the cryptocurrency industry, the Financial Conduct Authority (FCA) announced its move against Binance Markets Limited - part of the wider Binance Group - late on Sunday.

"Binance Markets Limited is not permitted to undertake any regulated activity in the UK," the FCA said.

"Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA."

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The FCA said no other part of Binance was allowed to operate in the UK.

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

The FCA said Binance appeared to be offering British customers a range of products and services via its website, Binance.com.

Regulators in various countries have been cracking down on the cryptocurrency industry amid fears over insufficient customer protection and its potential role in money laundering and fraud.

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Copy by Trevor Marshallsea (PA News Agency)

Featured Image Credit: PA

Topics: Bitcoin, UK News, Money, Cryptocurrency

Tom Wood
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