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The British financial regulator has ordered Binance, one of the world’s largest cryptocurrency exchanges, to cease all regulated activities and issued warnings to consumers about the platform, which is under increasing scrutiny worldwide.
In the June 25th notice, Financial Conduct Authority (FCA) stated that Binance Markets Ltd, the British entity of Binance, “will not carry out any regulated activities without the prior written consent of the FCA…with immediate effect”.
Binance did not respond to a request for comment on Sunday.
Although the trading of cryptocurrencies is not directly regulated in the UK, the provision of services such as trading of cryptocurrency derivatives does require authorization.
The regulator did not explain why it took measures against Binance. Binance has previously stated that it takes its legal obligations “very seriously” and “engages with regulators and law enforcement agencies in a cooperative manner.”
The FCA is strengthening its supervision of cryptocurrency transactions, and cryptocurrency transactions have soared in the UK along with other countries.
Since January, the FCA has required all companies that provide cryptocurrency-related services to register and certify that they comply with anti-money laundering rules. However, this month it stated that only five companies have registered, and most of them are not yet compliant.
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