Financial watchdog orders crypto exchange Binance to stop regulated activities in UK

Britain’s Financial Conduct Authority (FCA) has ordered cryptocurrency exchange Binance to stop undertaking any regulated activity in the country, saying the firm lacks authorization.

The exchange would not be allowed to undertake any regulated activities without the prior written consent of the FCA, the watchdog said in a statement dated Saturday.

“No other entity in the Binance Group holds any form of UK authorization, registration or license to conduct regulated activity in the UK,” the statement said.

Britain’s move comes at a time when Binance, one of the world’s largest cryptocurrency exchanges, is under scrutiny by regulators in other countries, including the US and Germany.

Officials from the US Justice Department and Internal Revenue Service who probe money-laundering and tax offenses have sought information from individuals with insight into the company’s business, Bloomberg reported last month.

In April, Germany’s financial regulator BaFin warned the exchange risked being fined for offering digital tokens without an investor prospectus. (Reuters)