On June 26, the UK’s Financial Conduct Authority (FCA) issued a warning about the practices of cryptocurrency exchange Binance, just a day after the Japanese financial regulator issued a similar notice.
The UK Financial Conduct Authority (FCA) has issue a notice sent to the user that Binance Markets Limited and its parent company Binance Group are not authorized to conduct any financial activities in the United Kingdom.
This notice is based on the requirements imposed by the FCA, which disables Binance and any of its subsidiaries and related companies from carrying out regulated activities without prior written notice. text from FCA. Per the FCA’s warning, Binance Group is offering UK customers a wide range of financial products and regulated investment instruments through Binance.com.
“Be wary of advertisements online and on social media that promise high returns when investing in cryptocurrencies or crypto-related products.” FCA warning. “Most companies that advertise and sell investments in this asset class are not licensed by the FCA. This means that if you invest in certain cryptocurrencies, you will not be able to use the Financial Ombudsman Service or the Financial Services Compensation Program if there are any problems. “
The above warnings appear to be aimed at Binance’s aggressive advertisements in UK media.
Money is evolving.
It’s time to adapt. #TakingOverLondon 🇬🇧 pic.twitter.com/Vjs3LQpY5x
— Binance UK (@BinanceUK) August 28, 2020
According to news site Wu Blockchain, on June 25, the FCA issued an even more serious warning, citing the “Financial Instruments and Markets Act 2000” to ask Binance to cease operations. in the UK and hand over all information and data on June 30 here. However, the above information no longer appears on FCA official website.
FCA of UK requires Binance to close its business on 30 June 2021 and preserve all information which can be provided to the CFA. pic.twitter.com/Bu8cVwn7cF
— Wu Blockchain (@WuBlockchain) June 27, 2021
On Friday, June 26, Japan’s financial regulator also warned that Binance is operating in the country without a license.
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