The Financial Activity Control Authority of the United Kingdom reported that the Binance cryptocurrency exchange cannot engage in activities requiring licensing on the territory of the country. According to the Financial Times (FT), the regulator demanded that Binance stop advertising and promotions in the UK by June 30, as well as display a notice on its website and social networks that Binance Markets is not allowed engaging in regulated activities in the country.
Binance planned to open a division in the UK that would receive a license for cryptocurrency operations and would be isolated from business in other countries, the FT reports, citing sources and public documents. The Binance Group of companies in the UK has a license for consumer operations with traditional currencies. The Group received a license after the purchase of an already registered business.
A representative of Binance told Engadget that the regulator’s decision should not affect the operation of the main site. According to him, Binance Markets exists separately and has not yet entered the UK market.