The government of the United Kingdom has put ban on Binance which is considered as the world’s biggest crypto-currency exchange by market volume.
The UK’s financial regulator, the Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any “regulated activity” in the UK adding that no entity in the Binance Group holds any form of authorisation, registration or licence to conduct regulated activity in the UK.
The agency also issued a consumer warning about Binance, advising people to be wary of adverts promising high returns on cryptoasset investments.
The UK’s FCA does not regulate crypto-currencies, but requires exchanges to register with them.
So since Binance has not registered with the FCA it is therefore is not allowed to operate an exchange in the UK.
Binance is an online centralised exchange that offers users a range of financial products and services, including purchasing and trading a wide range of digital currencies, as well as digital wallets, futures, securities, savings accounts and even lending and leverages.
Meanwhile, this is not the first time that Binance has come under such stricter regulators over its global operations. one of the firm’s entities – Binance Holdings – has been the subject of a probe by the US Securities and Exchange Commission (SEC), specifically by its officials dealing with money laundering and tax offences, according to Bloomberg.
The company is currently based in the Cayman Islands. It was previously based in Malta.