The Financial Conduct Authority, a regulatory body in the United Kingdom, has banned Binance, a popular cryptocurrency exchange platform, from offering certain services in the country.
"Binance Markets Limited is not permitted to undertake any regulated activity in the UK," the FCA said in a statement Saturday. Binance — one of the largest crypto exchanges in the world — enables investors to buy and trade cryptocurrencies online. "No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK," the statement continued.
Trading cryptocurrencies is not directly regulated in the UK, but other related activities — such as selling derivatives — do require approval.
