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Binance Isn't Allowed to Be Operating in the UK, Watchdog Warns
On Friday, Japan’s financial regulator warned Binance is operating in that country without permission.
Binance shouldn't be operating in the U.K., the Financial Conduct Authority (FCA) warned Saturday, a day after Japan financial regulator issued a similar notice to the cryptocurrency exchange.
STORY CONTINUES BELOW
- Citing its own requirements, the FCA said Binance Markets Limited isn't allowed to undertake any regulated activities without prior written approval.
- Further, the FCA said no other entity in the Binance Group "holds any form of U.K. authorization, registration or license to conduct regulated activity in the U.K."
- Despite this, it appears Binance is offering U.K. customers products and services via Binance.com, the FCA said.
- Binance responded in a series of tweets, saying the notice has no direct impact on the services provided on Binance.com and that its relationship with its users hasn't changed.
- On Friday, Japan’s financial regulator warned Binance is operating in that country without permission.
UPDATED (June 27, 21:46): Adds Binance response.
Read more: Japan’s Financial Services Regulator Issues Binance Warning
Kevin Reynolds
Kevin Reynolds is editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
