UK bans crypto exchange Binance as global regulatory scrutiny heats up

The United Kingdom’s financial regulator has banned the popular cryptocurrency exchange Binance from operating in the country — as governments around the world consider how to regulate the burgeoning sector.

The UK’s Financial Conduct Authority announced Saturday that Binance Markets Limited, the company’s UK affiliate, “is not permitted to undertake any regulated activity in the U.K.” The move will still allow UK residents to access binance.com, the company said, but the FCA added that Binance, the world’s largest crypto exchange by trading volume, has until the close of business on Wednesday to remove all advertising and financial promotions it currently has up.