Binance Cryptocurrency Broker Banned From UK

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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 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.

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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