The Financial Conduct Authority (FCA), which regulates the UK financial system, has issued a statement stating that the largest global cryptocurrency broker, Binance, cannot conduct any regulated activity in the UK. In a statement issued on Saturday, 26th, the organization alleged that the company does not have the necessary authorizations to operate in the country.
“Due to the enforcement of the requirements by the FCA, Binance is not permitted to carry out any regulated activities without the prior written consent of the institution”, he informed.
Despite the restrictions, Binance Group is offering a range of products and services to UK customers through the Binance.com website. “No other entity within the Binance Group has any authorization, registration or license of any kind to conduct regulated activities in the UK,” the FCA emphasized.
The activities of the cryptocurrency broker are on the radar of financial authorities in other countries including the United States, Germany and Brazil. In March this year, the Brazilian Association of Cryptoeconomics (ABcrypto) called on the Federal Public Ministry (MPF) to file a public action against Binance.
“There is a worrying disregard for compliance with Brazilian regulations governing the proper functioning of financial and capital markets,” said ABCcrypto, which believes Binance’s alleged irregularities are part of a deliberate strategy by a global brand.
Henry Lawson is a contributor at Sproutwired.com, covering a wide range of topics including news, politics, business, technology, sport, entertainment and lifestyle. He focuses on delivering clear, accurate and reader-friendly reporting that helps audiences stay informed about current affairs and important developments. With an emphasis on useful information and balanced coverage, Henry aims to highlight stories that matter most to readers, providing context and insight in a straightforward and accessible way.
