Tuesday, October 19

UK bans the world’s biggest crypto-currency exchange, Binance

Binance, the world’s biggest cryptocurrency exchange, has been banned by the UK’s financial regulator.

The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any “regulated activity” in the UK.

It also issued a consumer warning about Binance.com, advising people to be wary of adverts promising high returns on cryptoasset investments.

Binance said the FCA notice would have no “direct impact” on the services it provides from its website Binance.com.

Binance’s existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies.

The FCA does not regulate cryptocurrencies, but requires exchanges to register with them. Binance has not registered with the FCA and therefore is not allowed to operate an exchange in the UK.

The FCA move comes amid pushback from regulators around the world against cryptocurrency platforms.

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