Binance Isn't Allowed to Be Operating in the UK, Watchdog Warns
On Friday, Japan’s financial regulator warned Binance is operating in that country without permission.
Jun 27, 2021 at 2:38 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/I3YJWT4LAVFDVOBR2O7BYLB55A.jpg)
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Binance shouldn't be operating in the U.K., the Financial Conduct Authority (FCA) warned Saturday, a day after Japan financial regulator issued a similar notice to the cryptocurrency exchange.
- Citing its own requirements, the FCA said Binance Markets Limited isn't allowed to undertake any regulated activities without prior written approval.
- Further, the FCA said no other entity in the Binance Group "holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K."
- Despite this, it appears Binance is offering U.K. customers products and services via Binance.com, the FCA said.
- Binance responded in a series of tweets, saying the notice has no direct impact on the services provided on Binance.com and that its relationship with its users hasn't changed.
- On Friday, Japan’s financial regulator warned Binance is operating in that country without permission.
UPDATED (June 27, 21:46): Adds Binance response.
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