UK’s FCA bans Binance

Discussion in 'Crypto Assets' started by mlawson71, Jul 2, 2021.

  1. mlawson71

    mlawson71

    The UK financial regulator Finacial Conduct Authority (FCA) banned the largest cryptocurrency exchange in the whole world – Binance.

    According to the FCA, Binance is unable to conduct any ‘regulated activity’ in the UK and issued a consumer warning against it. It also advised the public to be very careful with entities that made promises of high profits from cryptocurrency investments.

    Binance issued a note, according to which the FCA ruling will not have any ‘direct impact’ on its services provided through its web portal.

    Binance is regulated in the Cayman Islands and operates a British branch called Binance Markets Limited together with a number of other subsidiaries all over the world. Previously the company was based in Malta.

    Even if they aren't actually affected, it's a pretty bad look, isn't it?
     
  2. Nobert

    Nobert

    At least funds are safe.

     
  3. johnarb

    johnarb

  4. mlawson71

    mlawson71

    Why the sudden global interest in Binance's dirty laundry, I wonder.
     
    johnarb likes this.