UK Financial Regulator Orders Cryptocurrency to Halt Regulated Activities in the Country

Binance, one of the world’s largest cryptocurrency exchanges, has been ordered to cease all regulated activities in the United Kingdom after the Financial Conduct Authority (FCA) conducted a review of Cryptocurrency’s operations.

“Binance Markets Limited is not permitted to carry out any regulated activities in the UK,” the FCA said in an announcement, adding that none of the other entities in the Cryptocurrency group hold any of the licenses required to operate in the UK.

“Most companies that advertise and sell investments in cryptoassets are not authorized by the FCA. This means that you will not be able to use the Financial Ombudsman Service or the Financial Services Compensation Scheme if you invest in certain crypto assets and if problems arise.”

The FCA said that Coinan needs to confirm the removal of all advertising and referrals by Wednesday night, and must also state on its website, social media and other media platforms that it no longer has a license to operate in the UK.

UK Financial Regulator Orders Cryptocurrency to Halt Regulated Activities in the Country

While the FCA does not regulate cryptocurrencies such as bitcoin or ethereum, it is authorized to regulate derivatives trading, which includes futures contracts and options. Digital assets that are considered securities also fall under the FCA’s jurisdiction.

Binance Markets Ltd is “a separate legal entity that does not offer any products or services through the Binance.com website,” the exchange tweeted in response to the FCA on Sunday, adding.

“The FCA UK notice has no direct impact on the services offered on http://Binance.com.”

UK Financial Regulator Orders Cryptocurrency to Halt Regulated Activities in the Country

The FCA’s decision comes just a day after Cryptocurrency announced that it would be exiting another major market. Users in the Canadian province of Ontario, home to 15 million people, will have to close all active positions by the end of the year.

Cryptocurrency informed its users that Ontario has become a “restricted jurisdiction,” but did not specify why. However, the Ontario Securities Commission (OSC) may have played a significant role in the decision due to its sweeping crackdown on cryptocurrency exchanges.

Regulators have taken another step in tightening regulations in the cryptocurrency industry, with CoinAnchor being investigated by multiple agencies in the United States. Japan’s Financial Services Agency also recently issued a warning against it for offering cryptocurrency services without registration.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/uk-financial-regulator-orders-cryptocurrency-to-halt-regulated-activities-in-the-country/
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