FCA Bans the World’s Biggest Cryptocurrency Exchange

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The Financial Conduct Authority (FCA) has judged that Binance Markets Limited (BML), which is owned by Binance Group, cannot conduct any regulated activity in the UK. The financial regulator also issued a warning to Binance.com users, advising people to be wary of ads promising a high return on cryptocurrency investment. The FCA does not regulate cryptocurrencies but requires exchanges to register with them. Binance has not registered with the FCA yet.

Binance.com is an online exchange that offers consumers a range of financial products and services, including buying and trading a wide range of digital currencies, as well as digital wallets. Binance Group is currently based in the Cayman Islands, while Binance Markets Limited is an affiliate firm based in London.

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