UK regulator bans world's largest crypto-currency exchange Binance

Sun Online Desk

28th June, 2021 11:47:48 AM printer

UK regulator bans world's largest crypto-currency exchange Binance

Binance, the world's biggest crypto-currency exchange, has been banned by the UK's financial regulator.

The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK.

It also issued a consumer warning about Binance.com, advising people to be wary of adverts promising high returns on cryptoasset investments.

This comes amid pushback from regulators around the world against crypto-currency platforms.

Binance.com is an online centralised exchange that offers users a range of financial products and services, including purchasing and trading a wide range of digital currencies, as well as digital wallets, futures, securities, savings accounts and even lending.

Binance Group is currently based in the Cayman Islands, while Binance Markets Limited is an affiliate firm based in London. The firm has multiple entities dotted around the world and Binance Group was previously based in Malta.

(BBC)


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