The Financial Conduct Authority (FCA) has said that it cannot carry out any regulated activity in this country.
June 28, 2021, | AtoZ Markets- The financial regulator of the United Kingdom, the FCA, has launched an alert on the company Binance Markets Limited, which is part of the Binance group.
Binance Markets Limited is currently not permitted to conduct any regulated activity without the prior written consent of the FCA.
Likewise, no other entity that belongs to the Binance Group has any type of authorization, registration or license from the United Kingdom to carry out activities, the regulatory agent said today.
The Binance Group appear to be offering UK customers a range of products and services via a website, www.binance.com.
What Are the Risks That the FCA Warns About?
- FCA has said that you have to be careful with adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products.
- Most firms advertising and selling investments in cryptoassets are not authorised by the FCA.
- While we don’t regulate cryptoassets like Bitcoin or Ether, we do regulate certain cryptoasset derivatives (such as futures contracts, contracts for difference and options), as well as those cryptoassets we would consider ‘securities’.
- Always check with us to see if the firm is registered as a UK company and for directors’ names.
- To see if others have posted any concerns, search online for the firm’s name, directors’ names and the product you are considering.
What to Do to Minimize Your Risks ?
Remember that you can also consult our list of regulated brokers that we have at Atoz Markets.
Also, our in-depth online crypto exchanges reviews include rankings, detailed analysis, spreads data, platform breakdowns, trading fees, account features, and more.
Let’s not forget that the FCA is stepping up its oversight of cryptocurrency trading that has soared in popularity in Britain.
Since January of this year, the watchdog has required all companies offering cryptocurrency-related services to register and prove that they comply with anti-money laundering rules.
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