Finance
Cryptocurrency UK finance watchdog bans crypto-currency exchange Binance
London, June 30: The UK's financial regulator has banned crypto-currency exchange Binance, media reports said on Monday.
The Financial Conduct Authority (FCA) said in a statement, "Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group)."
"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," read the statement.
"No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK," the statement siad.
Binance said the FCA notice would have no "direct impact" on the services it provides from its website Binance.com, reports BBC.
Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell crypto-currencies, the British media said.
