Cryptocurrencies

Binance Isn’t Allowed to Be Operating in the UK, Watchdog Warns

A logo sits on a sign in the reception area of the Financial Conduct Authority (FCA) in the Canary Wharf business district in London.

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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