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UK Bans Binance From Undertaking All Regulated Activities

UK’s Financial Conduct Authority (FCA) has recently issued a warning stating that Binance UK’s operator, Binance Markets Limited, is “not permitted to undertake any regulated activity” within the country.

The official statement reads:

“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.

No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”

A spokesperson from FCA clarified that the ban only applies to Binance Markets Limited — Binance Group’s English incorporation — as the firm has yet to register with the FCA.

The spokesperson added that the UK users of Binance are still allowed to trade on the exchange as per usual.

According to a customer support rep from Binance, this is because Binance Group is the one providing service instead of Binance Markets Limited.

Meanwhile in Ontario, Binance announced in a brief statement that it would stop providing services to users in the Canadian province on December 31, 2021.

Ontario has become one of the most aggressive crypto regulators during the recent weeks. New prospectus and registration requirements for cryptocurrency exchanges were put into effect on April 19.

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