ANNOUNCEMENT 26 Jun 2021
On 26 June 2021, UK’s Financial Conduct Authority (FCA) banned Crypto Exchange Binance from doing business in the UK.
NUMBER OF INTERVENTIONS
UK Financial Conduct Authority, Consumer Warning, “Consumer warning on Binance Markets Limited and the Binance Group”. Available at: https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group
On 26 June 2021, UK’s Financial Conduct Authority (FCA) issued a consumer warning against crypto exchange Binance Markets Limited, part of the Binance group, banning Binance from undertaking any regulated activity in the UK.
Binance is one of the largest cryptocurrency exchanges in the world.
According to several news reports, this intervention is part of a wider national response that national regulatory authorities give against the cryptocurrency industry over concerns relating to its potential role in illicit activities such as money laundering, fraud, and weak consumer protection.