FX.co ★ UK bans Binance

The UK Financial Conduct Authority has issued a consumer warning against Binance. It also banned the crypto exchange from any regulated activity in the country.

Binance, which recently announced that it plans to launch its very own digital asset marketplace in Britain, will not be able to resume operations in the country without prior written consent. An FCA spokesman said it is one of the many crypto asset companies that do not meet the required standards under anti-money laundering regulations.

Binance has until Wednesday evening to confirm that it removed all advertising and financial promotions in accordance with the DCO. The company must also clearly indicate on its website, social media channels and all other communications that it is no longer allowed to operate in the UK.

This move obviously expands regulatory action on the cryptocurrency sector amid concerns over its potential involvement in money laundering and fraud.

Bitcoin retained earlier gains after the announcement, trading 6.1% higher to $ 33,227 as of 11:25 am in New York City. Crypto bulls often interpret tough regulatory action as a sign of a maturing market.

Earlier, Bloomberg released a report saying Binance is being audited by multiple agencies in the United States. Japan also issued a warning against the company, reasoning that it offers crypto services without registration.