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UK Watchdog Bans Binance Crypto Exchange; Warns Customers of Crypto Ads


The Financial Conduct Authority (FCA) advised on Saturday that Binance should not be functioning in the United Kingdom. In a scathing reprimand of one of the world's largest cryptocurrency exchanges, the UK's financial watchdog has ordered Binance to cease all regulated activities in the UK and set onerous requirements.


No other entity in the Binance Group is authorised, registered, or licenced to conduct regulated activity in the United Kingdom.

UK Watchdog Bans Binance Crypto Exchange; Warns Customers of Crypto Ads

Warning about investing in cryptoassets

Be aware of advertisements on the internet and social media that promise large profits on cryptoasset or cryptoasset-related investments, FCA said.

The FCA does not regulate most companies that advertise and offer cryptoasset investments. This implies that if something goes wrong, you won't be able to seek help from the Financial Ombudsman Service or the Financial Services Compensation Scheme if you invest in certain cryptoassets, the FCA warned.

While FCA does not supervise cryptoassets such as Bitcoin or Ether, they do regulate some cryptoasset derivatives such as futures contracts, contracts for difference, and options. To advertise or sell these products in the UK, a company must be approved by FCA.

Read more about: bitcoin cryptocurrency
Story first published: Sunday, June 27, 2021, 17:14 [IST]
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