Binance: UK Bans Biggest Cryptocurrency Exchange Amid Rising Concerns Globally About ‘Wild West’

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Bitcoin rose on Asian markets at the start of trading on Monday, 28 June, despite the Financial Conduct Authoritity’s decision to ban Binance, the world’s largest cryptocurrency platform.

Britain has become the latest country to ban Binance, the cryptocurrency trading exchange.

The Financial Conduct Authority (FCA) said that by Wednesday, 30 June, Binance Markets Ltd “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect.”

It also issued warned consumers about investing in cryptoassets from Binance Markets and the wider Binance group.

​The move comes amid a global pushback from regulators against cryptocurrency platforms in a red-hot market which has become akin to the “Wild West”.

Japan’s Financial Services Agency regulator said last week Binance was operating in the country illegally.

Last month Bloomberg reported the US Justice Department and Internal Revenue Service had launched an investigation into Binance.

​Germany’s financial regulator BaFin said in April it was considering fining Binance for offering digital tokens without an investor prospectus.

In a statement published over the weekend Binance said the FCA’s move would not impact services offered on its Binance.com business.

A Binance spokesman said: “We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space.”

​While trading of cryptocurrencies is not directly regulated in Britain, trading in cryptocurrency derivatives does require authorisation.

The FCA has given Binance until 2 July to “secure and preserve all records relating to UK consumers.”

The FCA has stepped up its oversight of cryptocurrency trading, which has soared in popularity around the globe in the last three years.

Sputnik

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