FCA Issues Consumer Alert Against Crypto Exchange Binance

The FCA has warned Binance to stop all regulated activities in Britain. The cryptocurrency exchange has until Wednesday to comply with a new notice.

June 28, 2021, | AtoZ Markets – The UK’s Financial Conduct Authority (FCA) has warned Binance, one of the world’s largest cryptocurrency exchanges, that the site cannot carry out regulated activities in the country.

FCA says Binance is unauthorized to operate in the UK

The British division of Binance has an extremely depressing situation – the FCA has banned any activity in regulated areas. However, given that the exchange has applied for registration with the regulator, it cannot provide unregulated services either. Including trading services on the derivatives market.

Read also: Texas Issues Cease and Desist Order Against Binance Assets

Cryptocurrencies themselves in the UK are unregulated assets. However, cryptocurrency derivatives such as futures and options are subject to oversight by the FCA. The regulator said in a statement:

The company must remove, or, if this is not possible, provide instructions for the removal of any promotional activities and financial promotions currently in progress. This must be done by June 30, 2021 ”.

Last year, the FCA obliged cryptocurrency exchanges to register with the regulator. At the same time, the registration deadline has been postponed several times. At the moment, the regulator has approved the work of only five exchanges: two legal entities from the American Gemini exchange, as well as the Archax, Ziglu, and Digivault platforms.

Read also: Binance Is Not Authorized to Operate in Malta Says The MFSA

Recall that recently the Japanese regulator (FSA) also announced that Binance does not have a license to operate in the country.

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