The UK financial behaviour, including Binance Markets Limited, and the parent Binance Group, reported in the media that the large crypto-exchange finance is banned from conducting regulated activity in the country.
The watchdog did not just say why Binance was blocked, but noting that a “compliance imposition” kept Binance from working.
Binance must confirm, by citing Financial Times, that it fulfils FCA requests by 30 June, Engadget reported.
The report said that, in the past, it took “very seriously” regulatory obligations and was “committed” to the rules wherever it was operating.
With locations around the world and a leading volume of industry trade of around $2.46 billion as of May 2021, Binance is one of the biggest crypt exchanges in the world.
The FCA response not only restricted the trade in a major market, but also affected the reputation of the company.
It is not clear how easy it is to deal with Binance, but it is subject to more than a small pressure to act quickly. Binance told Engadget that the activity through his main website should not be directly affected.
Binance Markets Limited has a legal separation and its UK business “not yet started,” says the company.