The UK’s Financial watchdog has issued a warning against Binance Markets Ltd. The regulator has said that Binance Markets Limited is not permitted to undertake any regulated activity in the UK.
The Binance ban, however, only applies to Binance’s English incorporation (Binance Markets Ltd.), as it has not yet registered with the Financial Conduct Authority (FCA). UK customers are, however, still permitted to interact with Binance Group, which maintains no official headquarters.
British crypto traders are therefore still permitted to use the crypto exchange to buy their favourite cryptocurrencies, and nothing changes.
The FCA has ordered Binance to display a notice stating “BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK” on its website and social media channels by June 30 2021.
Although crypto exchanges that have yet to register with the FCA are still permitted to serve UK customers, they must complete their registration by 31 March 2022.
Article by: Andrew Drake
Source: Global Crypto
