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British and Japanese authorities have targeted subsidiaries of Binance Holdings Ltd., the world’s largest cryptocurrency exchange, in the latest regulatory crackdown on the hugely popular trade in bitcoin and other digital assets. .
The UK’s Financial Conduct Authority, the country’s main financial regulator, told consumers on Saturday that the local Binances unit was not authorized to conduct transactions related to regulated financial activities.
Binance offers trading in cryptocurrencies and related derivatives, such as futures. Binance Markets Ltd., the UK arm of the company, applied to be registered with the Financial Conduct Authority and withdrew its application on May 17.
A significantly high number of crypto-asset companies fail to meet the standards required by money laundering regulations, an FCA spokesperson said in an email. Among the companies that we have evaluated to date, more than 90% have withdrawn their candidacy following our intervention.
Japan’s financial watchdog released a statement on June 25, saying Binance is not registered to do business in the country.
The price of BTCUSD bitcoin, + 0.33% over the weekend after regulatory action, dropping as much as 6% from its 5 p.m. ET level on Friday before recovering all lost ground and trading around $ 33,250 on Sunday, according to data from CoinDesk.
An extended version of this report appears on WSJ.com.
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