The Financial Conduct Authority (FCA), the UK’s financial regulator, has banned Binance, the world’s largest cryptocurrency exchange. As a result, the company will not be able to run any ‘approved activities’ in the UK.
The FCA has issued a new ruling as well as a warning to customers. Investors have been advised not to be influenced by tempting advertisements there.
The FCA does not control cryptocurrencies. However, if an exchange wants to transact cryptocurrency, the company has to register with the FCA, the company said. Since Binance is not registered with the company, they will not be able to conduct activities in the country.
Meanwhile, the regulator’s directive will not affect the services provided by Binance’s website, said Binance. They claim that since the balance is not UK-based, no one is bound to buy or sell cryptocurrencies using the company’s website.
DBTech / BMT
Tags: CryptocurrencyBinanceUnited Kingdom
