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Binance: UK Bans Biggest Cryptocurrency Exchange Over Rising Concerns About Finance's ‘Wild West’

Man holds magnifying glass over Binance logo. - Sputnik International, 1920, 28.06.2021
Bitcoin rose on Asian markets at the start of trading on Monday, 28 June, despite the Financial Conduct Authority’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 warned customers about investing in cryptoassets from Binance Markets and the wider Binance group.

​The move comes as regulators around the world push back against cryptocurrency platforms which have overheated to such an extent they are being viewed as the new “Wild West” - a lawless and ruthless territory where life is cheap and morals are few.

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

Last month Bloomberg reported that 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 affect 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.”

​Although cryptocurrency trading 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 scrutiny of cryptocurrency trading, which has soared in popularity around the globe in the past three years.

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