The United Kingdom Financial Conduct Authority (FCA) on Binance Markets Ltd. Issued a consumer reminder that the cryptocurrency exchange is prohibited from engaging in any regulated activities in the UK. FCA said the company needs to confirm the removal of all advertisements and referrals before Wednesday night, and it must also state on its website, social media and other media platforms that it has no permission to operate in the UK.
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In June last year, Binance announced the acquisition of an entity regulated by the FCA and plans to launch Binance UK (Binance.UK). Now, without written permission, the company will not be able to resume operations in the UK.
Contacted Binance on Sunday, and a company representative declined to comment for the time being. The British “Financial Times” reported this news earlier.
So far, the regulators have taken a new step in tightening the supervision of the cryptocurrency industry because of concerns that the industry may be involved in money laundering and fraud. The FCA stated that on May 17, Binance withdrew the application related to 5MLD (an anti-money laundering directive) after having “close contact” with the agency. The FCA said this action was expected.
“A considerable number of crypto-asset companies did not meet the standards required by anti-money laundering regulations, resulting in an unprecedented number of companies withdrawing applications,” an FCA spokesperson said.
Of the companies evaluated, more than 90% withdrew their applications after FCA’s intervention.
In recent months, it has been reported that Binance has been investigated by multiple agencies in the United States. The Financial Services Agency of Japan also issued a warning recently, saying that it provides cryptocurrency services without registration.
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