U.K. regulator cracks down on Binance, the world’s biggest cryptocurrency exchange

U.K. regulator cracks down on Binance, the world’s biggest cryptocurrency exchange

A top financial regulator in Britain has ordered Binance, the world's biggest cryptocurrency exchange, to cease regulated activity in the country, the latest move by a world government to limit crypto-related businesses.

The Financial Conduct Authority said Binance Markets Limited was prohibited from undertaking any regulated activity in the U.K. and warned consumers to be wary of advertisements “promising high returns on investments in cryptoasset or cryptoasset-related products.” The move mirrors that of Japan, whose Financial Services Agency sent Binance a letter Friday warning that it is not registered to conduct business in the country.

Despite the warning shots, cryptocurrency prices climbed Monday, with bitcoin rising 4.5 percent and Dogecoin gaining 4.7 percent. The market's extreme volatility was on display last week, as hundreds of billions of dollars in value evaporated on news of China's crackdown on bitcoin mining operations, then quickly recovered.