Binance is the world’s largest cryptocurrency exchange platform, which has been banned by FCA (UK’s financial regulator) in the UK. Binance is an online centralized cryptocurrency exchange that offers customers a range of financial products and services, including purchasing and trading a wide range of digital currencies, as well as digital wallets, futures, securities, savings accounts, and even lending.
FCA (Financial Conduct Authority) has ruled that Binance cannot conduct any regulated activity in the United Kingdom.
They also issued a warning to consumers about Binance, advising their customers to be wary of the advert’s promises of high returns on their investments.
On the other hand, Binance has cleared that the FCA’s notice has no direct impact on their services. Binance officials told the Binance is not a UK-based company so there will be no impact on UK residents who use the website for trading in crypto assets.
Binance is not a regulated exchange in the UK and FCA also does not regulate cryptocurrencies, but FCA requires exchanges to register with them. According to FCA, Binance is not registered with them and they are not allowed to operate in the UK.