Binance is at it again for not having authorization for offering services. This time, the UK Financial Conduct Authority came for it, commenting that Binance Markets Limited was “not permitted to undertake any regulated activity in the UK.” This means that Binance didn’t have the permission to operate as it didn’t have the written consent of the FCA.
“No other entity in the Binance Group holds any form of UK authorization, registration or licence to conduct regulated activity in the UK. The Binance Group appears to be offering UK customers a range of products and services via a website, Binance.com.”
But the UK isn’t the only country that issued a warning regarding Binance operating without permission, as Japan has drawn attention to the same thing several times, including just a few days ago. Yesterday, Binance also confirmed it had closed down its operations in Ontario, Canada.
The warning by the UK FCA also tried to caution people in regard to investing in “cryptoassets,” in general, saying that:
“While we don’t regulate cryptoassets like Bitcoin or Ether, we do regulate certain cryptoasset derivatives (such as futures contracts, contracts for difference and options), as well as those cryptoassets we would consider ‘securities’.”
Wu blockchain went even further and announced that “FCA of UK requires Binance to close its business on 30 June 2021 and preserve all information which can be provided to the CFA.”