Binance, one of the world’s largest centralized cryptocurrency exchanges has been banned from operating regulated activities in the United Kindom by the Financial Conduct Authority, the country’s financial and markets regulator.
Binance operates in most major markets, allowing users to trade a wide range of cryptocurrencies including Bitcoin, Ethereum, Dogecoin, and a host of lesser-known cryptocurrencies.
However, the service has come under increased scrutiny lately, with Japan’s financial regulator also saying that Binance is operating in Japan without permission.
While Binance can still offer some services to UK consumers, including its core service of offering access to cryptocurrencies, other regulated activities such as the purchase and sale of derivatives, are for now off-limits to the company.
“The FCA has stated that Binance is not permitted to conduct regulated activities in the U.K.,” Laith Khalaf, financial analyst at AJ Bell, said via email. “Providing access to cryptocurrencies itself is not a regulated activity, but offering derivatives is, which is presumably the activity the FCA is clamping down on.”
The FCA isn’t the only regulator clamping down on the crypto industry.
Japan’s Financial Services Agency warned last week that Binance was operating in the country without its permission.
Allum Bokhari is the senior technology correspondent at Breitbart News. He is the author of #DELETED: Big Tech’s Battle to Erase the Trump Movement and Steal The Election.