THE UK has banned one of the leading cryptocurrency exchanges as part of a major crackdown by the financial watchdog.
The Financial Conduct Authority (FCA) announced its decision on Binance Markets Limited yesterday It warned Binance to stop all regulated activity immediately in the country. The FCA said: “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.
“Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”
The FCA also added no other part of Binance was allowed to operate in the UK.
It said: “No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.
The body did not give further information about why Binance was being banned.
But the FCA has been increasingly watching cryptos as they are soaring in popularity in the UK.
It comes as Bitcoin was currently at $34,437.60 at 6.44am this morning.
Ethereum was also at $1,978.15.