UK regulator bans Binance from operating in the country
The UK’s Financial Conduct Authority (FCA) prohibited the British unit of Binance from carrying out any regulated activity without the regulator’s prior written approval.
In a consumer warning, the regulator noted that Binance Markets Limited is part of the Binance Group.
“No other entity in the Binance Group has permission, registration, or license of any kind to conduct regulated activities in the United Kingdom”, the FCA clarified.
According to the statement, the company offers services via the Binance website.
In the order, the regulator listed the measures the firm must take by the close of business on 30 June 2021:
- post a notice of the ban prominently on the website and other channels of communication or on social media;
- delete, or if that is not possible, provide instructions for removing all current promotional campaigns it is running;
- provide written confirmation of the steps taken.
Binance Markets Limited is also required to keep in the United Kingdom all originals of data relating to UK customers, or an identical copy thereof. By 2 July 2021 the firm must notify the FCA of its readiness to provide the information upon request.
Representatives of Binance said that Binance Markets Limited is a separate legal entity and does not provide any services through the mentioned site.
The Binance Group acquired BML May 2020 and has not yet launched its UK business or used its FCA regulatory permissions.
For questions related to BML, please contact compliance@binance.uk. (2/4)
— Binance (@binance) June 27, 2021
“The Binance Group acquired BML in May 2020 and has not yet launched its UK business”, the statement said.
The company added that it pursues a collaborative approach in working with regulators and takes its legal obligations seriously.
Earlier, Japan’s Financial Services Agency issued a warning to Binance for operating in the country without a license.
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