FreeCryptoCurrency.Me

The U.K.’s Financial Conduct Authority (FCA) has ordered crypto exchange Binance to stop operating in the country.

The FCA announced Saturday that Binance Markets Limited and the Binance Group do not hold any form of authorization to conduct regulated activities in the U.K., but still offer citizens a range of services online.

Binance launched the U.K. entity, Binance Markets Limited, in June 2020 after acquiring an FCA-registered firm called EddieUK. Later, Binance itself reportedly applied to become a registered crypto company with the FCA, but pulled that application last month “following intensive engagement” from the watchdog.

The FCA is known to drill crypto firms before offering registration. To date, the watchdog has only approved five crypto entities: Two Gemini entities, Archax, Ziglu, Digivault, the custody business of Diginex, and Mode Global Holdings.

Closing up shop

Binance has been asked to close its business in the U.K. by June 30. The FCA has also ordered Binance to display a notice on its website and social media that it is not permitted to undertake any regulated activity in the country.

“The Firm will remove, or where this is not practicable, give instructions for the removal of any advertising and financial promotions it currently has live, in whatever form they take by close of business on 30 June 2021,” said the FCA.

Binance must also preserve all records relating to all its U.K. consumers and notify the FCA in writing by July 2, according to the watchdog.

The news comes at a time when Binance is said to be under scrutiny by regulators in the U.S. and Europe and has received a warning from Japan over its unregistered operations.

Binance had applied to become a registered cryptocurrency company with the FCA but reportedly pulled that application last month “following intensive engagement from the FCA.”

Binance did not immediately respond to The Block’s request for comment but has previously said, “we take a collaborative approach in working with regulators, and we take our compliance obligations very seriously.”

Binance is the largest crypto exchange in the world by trading volumes. It recorded over $1.5 trillion worth of trading volumes last month, according to The Block’s Data Dashboard.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.