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.
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.