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FCA bans crypto-currency exchange Binance

Joanna Faith
Written By:
Joanna Faith

The financial regulator has banned the world’s biggest cryptocurrency exchange, Binance, from operating in the UK.

The Financial Conduct Authority (FCA) said Binance Markets Limited is not permitted to undertake any regulated activity in the UK.

It added that “no other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK”.

Binance.com offers the ability to buy and sell cryptocurrencies such as Bitcoin.

In a statement, the firm said it had “not yet launched its UK business or used its FCA regulatory permissions” and that the FCA notice has “no direct impact on the services provided on Binance.com”.

The FCA also issued a wider warning to consumers to “be wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products”.

Earlier this year, the regulator expressed concerns about the risks of cryptoassets, saying investments linked to cryptoassets should be approached with caution.