UK bans Binance, one of the world’s largest cryptocurrency platforms, from operating



The British financial regulator (FCA) has banned Binance, one of the largest cryptocurrency platforms in the world, from operating. It is one of the most prominent moves made by a regulator against this platform.

On a notice issued on June 25, the regulator indicates that Binance must close the business on June 30 and inform on its website (binance.com) and other social channels that it cannot carry out regulated activities in the country.

The FCA also reminds that “no entity of the Binance group is authorized, licensed or registered” to carry out regulated activities in the United Kingdom.

Binance is a cryptocurrency exchange platform born in China. Under the definition of “great crypto ecosystem” it offers trading services, a visa card and savings accounts. It operates in many countries. According to TheBlockCrypto data cited by the Financial Times, last month it moved more than a trillion and a half dollars.

Binance has indicated on Twitter that the notice refers to Binance Markets Limited and that this “is a separate legal entity” that does not offer services on the Binance website. It alleges, therefore, that the notification “has no direct impact on the services provided by Binance.com” and that the relationship with its users does not change.

The FCA warning comes just a week after the Japanese regulator warned that Binance was offering services without permission and without being registered in this country. In addition, in April Bloomberg reported that the United States was investigating, in relation to the use of cryptocurrencies to launder money, people related to Binance.

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