Crypto Exchange Binance Banned From Doing Business in U.K.
Britain’s Financial Conduct Authority issued a consumer warning against Binance Markets Ltd., banning the cryptocurrency exchange from undertaking any regulated activity in the country.
Binance has until Wednesday evening to confirm that it has removed all advertising and financial promotions, according to the FCA’s register. The exchange must also make clear on its website, social media channels and all other communications that it is no longer permitted to operate in the U.K.
Binance, which announced the acquisition of an FCA-regulated entity last June along with plans for the launch of Binance.UK, won’t be able to resume U.K. operations without prior written consent. A Binance representative didn’t immediately comment when reached on Sunday.
The move extends a regulatory crackdown on the cryptocurrency sector amid concerns about its potential involvement in money laundering and fraud. Binance withdrew an application related to the 5MLD — an anti-laundering directive — on May 17 following “intensive engagement from the FCA,” according to the watchdog, which said the action had been in train for some time.