“Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA,” a spokesperson for the FCA told CNBC. “The action taken today on Binance Markets Limited has been in train for some time.”
According to a spokesperson by the FCA, the ban is limited. the exchange is platform is limited from offering regulated services in Britain. However, non-registered companies can still interact with customers from the U.K. In other words, the company can still provide customers with Brits crypto trading on its website.
A Binance spokesperson told CNBC: “The FCA U.K. notice has no direct impact on the services provided on Binance.com … Our relationship with our users has not changed.”
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously,” the spokesperson added. “We are actively keeping abreast of changing policies, rules, and laws in this new space.”
“The FCA has stated that Binance is not permitted to conduct regulated activities in the U.K.,” Laith Khalaf, financial analyst at AJ Bell, said via email. “Providing access to cryptocurrencies itself is not a regulated activity, but offering derivatives is, which the activity the FCA is clamping down on is presumably.”
