The regulators in the United Kingdom have banned Binance. The cryptocurrency exchange platform is the largest crypto exchange in the world. The move is another major hit to the crypto market.
Britain’s Financial Conduct Authority said Saturday the crypto exchange platform “is not permitted to undertake any regulated activity in the U.K.”
According to CNBC, Binance must add a notice from June 30 that informs users about the ban. The notice reads: (BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE U.K. Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group holds any form of U.K. authorisation, registration, or license to conduct a regulated activity in the U.K.).
Binance planned to launch its digital asset marketplace in Britain
A few months ago, the firm was planning to launch its first digital asset marketplace in Britain. Nonetheless, the largest crypto exchange by trading volumes couldn’t register with the FCA after it didn’t meet the anti-money laundering requirements.
