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FCA Bans Crypto Exchange, Binance, from Offering Services In The U.K

FCA Bans Crypto Exchange, Binance, from Offering Services In The U.K

FCA Bans Binance

The financial watchdog of the United Kingdom, the Financial Conduct Authority, imposed a ban on Binance. Binance is an extremely popular cryptocurrency exchange platform. The FCA banned them from offering several services across the country.

Deadline Provided

Therefore they provided Binance a deadline of June 30th, for them to remove all advertising including financial promotions. Binance also should make it clear on its website and social media handles that FCA barred from conducting operations in the U.K. Binance and its services are barred until further written consent is provided by the FCA.

FCA and Binance

This particular ban was in conjunction with the FCA’s regulatory crackdown on the cryptocurrency sector. The FCA is concerned about the possible and potential involvement of cryptocurrency in money laundering and fraud. 

A few weeks ago, on the 17th of May, Binance withdrew an application, issued by the FCA, 5MLD, which is an anti-laundering directive. This was due to an “intensive engagement” with the FCA. According to the FCA, the process of taking this action was underway for some time.

Other Nations Raising Concerns

This current ban from the UK directly follows a warning issued by the Japanese regulators to Binance late last week. Similarly, Binance will run out of service in Ontario, Canada as of the 31st of December.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.