UK financial regulator bans world’s largest crypto exchange

The UK has banned Binance Markets from any regulated business in the country, extending a global crackdown on crypto.

Britain’s financial regulator has said Binance, one of the world’s largest cryptocurrency exchanges, cannot conduct any regulated activity and issued a warning to consumers about the platform, which is coming under growing scrutiny globally. In a notice dated June 25, the Financial Conduct Authority (FCA) said Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect”. It also issued a warning to consumers about Binance Markets and the wider Binance group.