How UK Binance Ban Is Putting Cryptocurrency On Notice

Law360 (July 16, 2021, 4:53 PM EDT) -- The importance of the Financial Conduct Authority banning Binance Group, which says it is the world's largest cryptocurrency exchange by trading volume, cannot be overstated.

The U.K.'s financial regulator ruled that Binance cannot conduct any regulated activity in the country. It has also issued a consumer warning about Binance.com, advising people to exercise caution regarding advertisements that promise great returns on crypto assets.

In its June 26 statement, the FCA said:

Binance Markets Ltd. is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group). Due to the imposition of requirements by the...

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