Binance, one of the major cryptocurrency exchanges, has responded to the notice from the UK's Financial Conduct Authority (FCA) preventing Binance Markets Ltd. from operating in the country.
On June 25, FCA issued a notice ordering Binance to halt all regulated activities in Britain and imposed strict requirements. The notice says:
"The Firm must not, without the prior written consent of the FCA, carry out any regulated activity for which it has the permission of Part 4A with immediate effect."
The FCA also asked Binance to display a notice on its website and other communication channels that they should read:
“BINANCE MARKETS LIMITED IS NOT PERMITTED TO CONDUCT ANY REGULATED ACTIVITY IN THE UK. Due to the imposition of requirements by the FCA, Binance Markets Limited is currently not permitted to conduct any regulated activity without the prior written consent of the FCA. (No other entity in the Binance Group has any kind of authorization, registration or license in the UK to conduct regulated activities in the UK) «.
The exchange has everything to eliminate advertising and financial promotions targeting the UK. Binance Markets has until the afternoon of June 30 to confirm that it has carried out the instruction.
In response, Binance He said that the notice did not affect the main crypto services offered through Binance.com as Binance Markets Ltd. (BML) “is a separate legal entity and does not offer any products or services through http://Binance.com website".
According to the exchange, Binance Group acquired in May 2020 but is not yet operational in the UK and used its FCA regulatory permits. The exchange said:
“The FCA UK notice does not have a direct impact on the services provided on http://Binance.com.
Our relationship with our users has not changed.
With this FCA ban, Binance Markets Limited will not be able to offer derivatives in the UK. As BML was not operational, it appears that Binance was offering products and services to UK customers through Binance.com.
According to some sources, BML applied to become a cryptocurrency company registered with the FCA, but withdrew that application last month.
But this is not the first instance to blame Binance for operating without any regulatory permission. The FCA also issued a similar advisory on Binance in 2018. More recently, the Japanese FSA also warned that cryptocurrency exchange Binance is operating in the country without permission. In response, Binance said that it did not have any crypto exchange operations in Japan.
If you found this article interesting, here you can find more news about Blockchain and cryptocurrencies
