Binance banned in UK: Two-thirds of cryptocurrency fraud linked to it

The United Kingdom’s Financial Conduct Authority (FCA) issued a consumer warning to Binance over the weekend, prohibiting the cryptocurrency exchange from engaging in any regulated activities in the United Kingdom.

The FCA said the company had until Wednesday evening to confirm that all advertising and financial promotions had been removed, and must also state on its website, social media and other media platforms that it no longer had permission to operate in the UK.

In response, Binance said that it has not yet launched its business and services in the UK on its website, and therefore will not be directly affected by the ban of the UK Financial Conduct Authority.

Binance said on social media on Sunday that the company is "a separate legal entity that does not offer any products or services through the Binance.com website." "Binance Group acquired BML in May 2020 but has not yet launched its UK operations or used its FCA regulatory license."

In recent weeks, British banks Barclays, TSB Banking Group, Monzo Bank and Starling Bank have taken action to prevent customers from transferring cash to cryptocurrency trading platforms such as Binance. TSB Banking Group plans to ban more than 5 million customers from buying cryptocurrencies. The bank also said that about two-thirds of all cryptocurrency frauds encountered by its customers were related to the Binance platform.