U.K. Cracks Down on Crypto Exchange Binance

In the most current case in point of the regulatory crackdown on the cryptocurrency business, the U.K.’s monetary watchdog has barred Binance from offering certain expert services in the state.

The Economic Conduct Authority claimed in a news release that a U.K. affiliate of Binance “is not permitted to undertake any regulated activity in the U.K.” and “No other entity in the Binance Team retains any form of U.K. authorization, registration or license to carry out regulated activity in the U.K.”

The FCA does not straight regulate cryptocurrencies but it does have authority around crypto asset derivatives this sort of as futures contracts, contracts for variation, and options.

“Be wary of adverts on the web and on social media promising substantial returns on investments in crypto asset or crypto-asset-connected solutions,” the regulator warned buyers in its assertion.

Binance founded London-based mostly Binance Markets Minimal a yr back as part of

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