Binance Isn’t Allowed to Be Operating in the UK, Watchdog Warns

Binance shouldn’t be operating in the U.K., the Financial Conduct Authority (FCA) warned Saturday, a day after Japan financial regulator issued a similar notice to the cryptocurrency exchange.

• Citing its own requirements, the FCA said Binance Markets Limited isn’t allowed to undertake any regulated activities without prior written approval.

• Further, the FCA said no other entity in the Binance Group “holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K.”

• Despite this, it appears Binance is offering U.K. customers products and services via Binance.com, the FCA said.

• Binance responded in a series of tweets, saying the notice has no direct impact on the services provided on Binance.com and that its relationship with its users hasn’t changed.

• On Friday, Japan’s financial regulator warned Binance is operating in that country without permission.

UPDATED (June 27, 21:46): Adds Binance response.

Related Stories

• Binance Pulls Out of Ontario Following Actions Against Other Crypto Exchanges

• Japan’s Financial Services Regulator Issues Binance Warning

• FATF Says Majority of Countries Still Haven’t Implemented Watchdog’s Crypto Guidance

• EU to Designate Bank of Spain, Securities Regulator for Crypto Oversight: Report