Binance banned from continuing operations in the UK
The United Kingdom's financial watchdog (FCA) established that Binance must also publish on its website that it does not have permission to carry out regulated activities in the nation
The Financial Conduct Authority (FCA), the UK’s financial watchdog, has ordered Binance to cease all its regulated activities in the country for operating without authorization.
This is one of the most important actions that any global regulator has taken against the exchange platform with the largest commercial volume in the world and a model for the action of the control bodies of the cryptocurrency sector in illicit activities such as money laundering and fraud, in addition to the lack of protection that consumers face.
The platform had requested to become a registered cryptocurrency company, in order to comply with British requirements. However, last month it withdrew this request due to the “strict criteria of the regulatory body when approving practices to prevent money laundering and terrorist financing.“
The FCA also determined that Binance must inform on its website, no later than this Wednesday, that it is not authorized to carry out “regulated activities in the United Kingdom and to secure and preserve all records and / or information (…) relating to all clients in the country from their systems”, as well as” putting an end to any type of advertising and financial promotions.“
The FCA is not the first regulatory body to place restrictions on Binance for offering products and services to citizens without authorization. Japan, recently did it, Germany had previously done the same and in the United States it is under investigation.
For its part, Binance reported the closure of its operations in Canada, but did not specify the reasons why it was leaving the market.
M. Rodríguez
Source: eleconomista.es
