The UK’s Financial Conduct Authority has banned the world’s biggest cryptocurrency exchange ‘Binance’ from conducting regulated activity in the country, including Binance Markets Limited and its parent Binance Group, media reported.
FCA didn’t say why it blocked Binance but said that an “imposition of requirements” kept Binance from operating.
Citing from Engadget report, Binance has until June 30 to confirm that it’s honoring the FCA’s demands.
Binance is one of the largest crypto exchanges in the world, with locations around the world and an industry-leading trading volume of about $2.46 trillion as of May 2021.
The FCA’s crackdown could not only limit trading in a major market but hurt the company’s reputation. It’s not clear how easily Binance can address its situation, but it’s under more than a little pressure to act quickly.
Binance, in response, said the FCA notice would have no “direct impact” on the services it provides from its website.
Binance Markets Limited is legally separate and has “not yet launched” its UK business, the company said.