UK regulator FCA bans Binance from operating in the country

The U.K.’s regulator, Financial Conduct Authority (FCA) has ordered Binance from operating in the country with immediate effect. According to FCA, Binance Markets Limited and Binance Group doesn’t hold any authority to conduct any regulated activities within the country.

FCA said that Binance Markets Limited is a part of Binance Group which “appear to be offering UK customers a range of products and services via a website, Binance.com.”

According to FCA’s register, Binance has time until Wednesday to confirm that it has stopped all advertising and financial promotions. Also, Binance has to make clear on its official website, social media channels and via other communication that it’s no longer permitted to operate in the country.

Binance acquired an FCA registered firm called EddieUK last June and was along with the plans to launch Binance.UK

“A significantly high number of crypto asset businesses are not meeting the required standards under the money laundering regulations, which has resulted in an unprecedented number of businesses withdrawing their applications,” an FCA spokesperson said Bloomberg.

FCA also warns about the adverts that are displayed online and on social media promising high return on investment in cryptoasset or cryptoasset-related products.

Also, FCA said in the official post, “Most firms advertising and selling investments in cryptoassets are not authorised by the FCA. This means that if you invest in certain cryptoassets you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong.”