The UK financial regulator is taking a tough stand against one of the world’s biggest cryptocurrency exchange Binance. The regulatory body has issued a warning to the cryptocurrency exchange operator and said that they should not be engaging in any regulated activity in the country. It also warned users about the exchange.
In a notice issued as an advisory, the country’s Financial Conduct Authority (FCA) said Binance Markets Ltd, which is the exchange’s operational wing in the UK, “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”.
In response to the regulatory body’s remarks, Binance said that Binance Markets, the entity it purchased in 2020 was not yet using its regulatory permissions. It also said that the notice from the regulatory body will not affect its operations.
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space,” a spokesperson said.