Binance - the world's biggest cryptocurrency exchange platform - is banned in UK.
The UK's financial watchdog has banned one of the world’s biggest cryptocurrency exchange platforms from operating in the UK with immediate effect.
Binance Markets Limited, which allows traders to buy, sell and bet on cryptocurrencies such as Bitcoin around the world, has been blocked by the Financial Conduct Authority (FCA) with no official explanation.
"Ndemanga yoyambira padziwe la binance
Markets Limited is not permitted to undertake any regulated activity in the UK," the FCA said.
"Due to the imposition of requirements by the FCA, binance cryptocurrency exchange
Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA."
The watchdog also issued a warning to consumers about Binance Markets and the wider Binance group.
The FCA advised people to be wary of adverts promising high returns on cryptoasset investments.
Binance is an online exchange that offers users financial products and services, ríomhphost tacaíochta binance including purchasing and баррасии ояндаи бинс trading a wide range of digital currencies, as well as digital wallets, savings accounts and even lending.
Regulators around the world have been cracking down on the cryptocurrency industry amid fears it’s being used to launder illegal money and could leave people tens of thousands of pounds out of pocket due to the their volatility.
Binance Group is currently based in the Cayman Islands, while Binance Markets Limited is an affiliate firm based in London.
The FCA also stressed that no entity in the Binance Group holds any form of authorisation, registration or licence to conduct regulated activity in the UK.
While the FCA does not regulate crypto-currencies, je binance nejlepší burza it does regulate cryptoassets. Firms must be authorised by the regulator in order to advertise or sell such products in the UK.
This means that people in the UK are not allowed to use Binance's services to speculate, or bet, on whether the price of a crypto-currency like Bitcoin goes up or down.
"BML is a separate legal entity and does not offer any products or services via the Binance website," said a binance cryptocurrency exchange
"The Binance Group acquired BML May 2020 and has not yet launched its UK business or used its FCA regulatory permissions."
He added that the firm's relationship with its users had not changed, stressing: "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."
Do we need a bigger crackdown on crypto currencies? Let us know in the comments below.
On Saturday, Binance announced it was pulling out of Ontario, Canada, after the Ontario Securities Commission (OSC) accused it and several other crypto trading platforms of failing to comply with province regulations.
And on Friday, Japan's Financial Services Agency (FSA) warned Binance for the second time in three years that it is operating in the country without permission.
Bank of England governor Andrew Bailey has previously warned people who buy them that they should be prepared to lose all of their money.