The United Kingdom’s Financial Conduct Authority (FCA) has banned Binance from operating in the country.
According to UK’s FCA in a statement on Saturday, Binance which is the world’s biggest cryptocurrency exchange by trading volume “is not permitted to undertake any regulated activity in the U.K.”
Stating the reason for the ban, the financial regulator 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.
“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.
“The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.”
Further stating the conditions to be fulfilled before the ban can be lifted, UK’s FCA said:
“The exchange has until June 30 to confirm that it is complying with the FCA’s demands.
“It must also secure and preserve all records relating to UK consumers and inform the FCA this has been done by July 2.
“The firm will remove, or where this is not practicable, give instructions for the removal of any advertising and financial promotions it currently has live, in whatever form they take by close of business on 30 June 2021,” the FCA noted.
However in a tweet on Sunday, Binance said Binance Markets Limited (BML) is a separate legal entity and does not offer any products or services via the Binance.com website.