The UK’s financial watchdog has fired a warning shot across the bow of Binance, and ordered it to place a notice on binance.com scaring off Brit crypto fans.
This seems to have come about because Binance, which is ultimately based in the Cayman Islands, wanted to launch an exchange in the UK using its London-based affiliate Binance Markets Ltd. Since the start of the year, cryptocurrency firms in Britain have had to register with the nation’s Financial Conduct Authority and meet its anti-money-laundering and anti-terrorism-funding requirements.
Binance hasn’t done this yet, or as the FCA itself put it, Binance has demonstrated an “imposition” to the regulator’s rules.
As a result of that, over the weekend the regulator let the world know that Binance Markets Ltd “is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”
