UK bans world’s largest cryptocurrency exchange platform Binance

Binance, the world’s largest exchange platform for cryptocurrency trading, has been banned by the UK regulatory body. The Financial Conduct Authority (FCA), the UK’s financial operating authority, has said that Binance will not conduct any activities in the UK. The FCA has also cautioned the people of Britain to avoid such investments. The FCA has stated that platforms such as promise high returns on cryptocurrencies. Don’t fall for any such promise. This decision of the FCA comes at a time when there is a situation of panic around cryptocurrencies around the world.

Many Features of Cryptocurrency on Binance is an online central exchange platform where users are provided access to a variety of financial products and services. On this website, buying and selling of any cryptocurrency, digital payment, feature, security, savings account and even borrowing facility is also available. The Vincennes Group is currently operating out of the Cayman Islands. This island is an island located in the Caribbean Sea, which is Britain’s Overseas Territory. Binance Markets Limited on the other hand is an affiliated firm based in London. This firm has many units across the world. Earlier Binance Group was based in Malta.

Not authorized for any kind of license
The FCA has stated that Binance Markets Limited (BML) may not conduct any activities without written permission. There is time till Wednesday to comply with this order. That is, after Wednesday, BML will not conduct any kind of activities in Britain. The FCA emphasized that no Binance Group company would be authorized to authorize, register or license in the UK. It is worth noting that Binance was started by Chinese citizen Changpeng Zhao in 2017 when the Chinese government took a number of tough measures to crack down on cryptocurrencies.

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