Crypto currency exchange platform Binance has been banned from operating in the United Kingdom by the markets regulator in the country. The recent move has been taken while looking at the increase in the crackdown of the crypto market across the globe. The Financial Conduct Authority in Britain made an announcement on June 26, 2021 that Binance Markets Limited which is the UK division of Binance is no longer permitted to undertake any activity in the country.

The authority has ordered Binance to add a notice on its website and app that will notify the users in the UK. The company already offers Brits Crypto trading through its website. The agency has also demanded that the company in its message to the users mentions that it is not able to fulfill the requirements paid down by the FCA. In terms of trading volumes, Binance is the biggest crypto exchange which was about to launch its digital asset marketplace in Britain. But on the other hand a number of crypto firms took back their applications to register with the FCA as they did not meet the anti-money laundering needs.

A spokesperson from the FCA made it clear that the ban had a limited scope but Binance Markets Limited has been banned from providing regulated services in Britain. However, the non-registered firms can continue to interact with the consumers in the United Kingdom. This means that Binance could continue to offer crypto trading for the UK consumers through its website. It was clarified by a spokesperson from the crypto exchange platform, who said that the notice from the FCA UK does not affect its services provided on Binance.com.

Earlier, even the Financial Services Agency in Japan has alleged that the company was operating in the country without its permission. Even China is discouraging crypto currency after it has ordered a number of the digital currency miners to stop its operations. It has also urged the banks and payment firms not to encourage crypto-related services.

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