Binance, the world's largest exchange platform for cryptocurrency trading, has been banned by the UK regulatory body. The Financial Conduct Authority (FCA), the UK's financial operating authority, has said that Binance will not conduct any activities in the UK.
The FCA has also cautioned the people of Britain to avoid such investments where platforms such as Binance.com that promise high returns on cryptocurrencies. Don't fall for any such promise, said the FCA. This decision of the FCA comes at a time when there is a ruckus around cryptocurrencies around the world.
Binance.com is an online central exchange platform where users are provided with access to a variety of financial products and services. On this website, buying and selling of any cryptocurrency, digital payment, feature, security, savings account and even borrowing facility is also available. The Vincennes Group is currently operating out of the Cayman Islands, which is an island located in the Caribbean Sea, which is Britain's Overseas Territory.
Binance Markets Limited on the other hand is an affiliated firm based in London. This firm has many units across the world. Earlier Binance Group was based in Malta.
The FCA has stated that Binance Markets Limited (BML) may not conduct activities of any kind without written permission. There is time till Wednesday to comply with this order. That is, after Wednesday, BML will not conduct any kind of activities in Britain.
The FCA emphasized that no Binance Group company would be authorized to register or license in the UK. Significantly, Binance was started by Chinese citizen Changpeng Zhao in 2017 when the Chinese government took a number of tough measures to crack down on cryptocurrencies.
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