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The cryptocurrency has just faced yet another obstacle in its pursuit of government approval. The Financial Times reports that the UK’s Financial Conduct Authority has banned major cryptocurrency exchange Binance from conducting regulated activities in the country, including Binance Markets Limited and parent group Binance. The agency did not say why it was banning Binance, but noted that “enforcement of requirements” prevented Binance from operating.
Binance has until June 30 to confirm that it respects the demands of the FCA.
Engadget has asked Binance for comment. In the past, it has said it takes regulatory obligations “seriously” and is “committed” to respecting the rules wherever it operates.
It’s a big hit. Binance is one of the largest cryptocurrency exchanges on the planet, with locations all over the world and an industry-leading trading volume of around $2.46 trillion as of May 2021. The FCA campaign could not only limit trading in a major market, but damage the company’s reputation . It’s not clear how easily Binance will handle their situation, but they are under more than a little pressure to act quickly.
Update 6/27 2:55 PM ET: Binance tells Engadget that this should not have a direct impact on activity through its main website. The company said that Binance Markets Limited is legally separate and has not yet launched its UK business. That’s still not what the exchange operator wanted to hear, but it’s not necessarily a disaster.
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