BREAKING NEWS: The United Kingdom Has Banned Binance

BREAKING NEWS: The United Kingdom Has Banned Binance.

Binance has been banned in the United Kingdom.

According to Iexclusive news Nigeria, the Financial Conduct Authority (FCA), the UK’s financial regulatory agency, has ruled that Binance, one of the world’s largest cryptocurrency trading platforms, can no longer carry out any regulated business in the country, issuing consumer warnings.

Binance Markets Ltd, Binance’s only regulated UK firm, “shall not, without the prior written authorisation of the FCA, carry out any regulated activity… with immediate effect,” according to a notice dated June 25.

Binance has been informed by the FCA that it must post a notice on its website and social media channels by June 30 that states, “BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK.”

It must also safeguard and retain all records relevant to UK consumers by July 2 and notify the FCA of this.

Though bitcoin trading is not directly regulated in the United Kingdom, services like cryptocurrency trading require FCA approval.

As authorities and regulatory agencies address concerns about bitcoin’s possible involvement in money laundering and fraud, the FCA is exercising its supervisory powers over cryptocurrency commerce.

The FCA announced in January that all companies providing cryptocurrency-related services must register and demonstrate compliance with anti-money laundering regulations. However, it was reported earlier this month that only five companies had registered with it.

Another 90 businesses have temporary registration as of May 12, allowing them to continue operating while their applications are reviewed. This status did not imply that the registered bodies were “fit and suitable,” according to the FCA.

Over the last few months, Binance has attracted a lot of attention from around the world. Japan announced in June that the crypto trading website was operating illegally in the country. The notification was posted on the website of Japan’s Financial Services Agency.

According to the Peoples Gazette, the trading website is being investigated by officials from the US Justice Department and the Internal Revenue Service, who are looking into money laundering and tax evasion.

According to Reuters, Germany’s financial authority BaFin warned the exchange that offering digital tokens without an investor prospectus could result in a fine.