Binance gets banned in the United Kingdom

Cryptocurrency traders in the United Kingdom have to bid one of their favorite crypto trading platforms goodbye.

A photo of the CEO of Binance, Changpeng Zhao
CEO of Binance, Changpeng Zhao

Britain’s Financial Conduct Authority, the United Kingdom’s markets regulator, put out a statement that announced that Binance had been banned from operating in the United Kingdom.

Binance is mandated to add a disclaimer to this effect on its website for its users who are residents of the United Kingdom stating that:

BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE U.K. Due to the imposition of requirements by Binancion of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. (No other entity in the Binance Group holds any form of U.K. authorization, registration, or license to conduct a regulated activity in the U.K.).

Binance had applied to register with the Financial Conduct Authority in order to establish its digital asset marketplace in the United Kingdom. However, Binance did not meet up with the regulator's anti-money laundering standards.

The spokesperson for Binance has commented on behalf of the company, stating that the Financial Conduct Authority’s ban won’t affect the services it provides to its users globally.