Binance Crypto Marketplace “Banned” in the UK

Binance Crypto Marketplace “Banned” in the UK

The FCA ruled that the company cannot conduct any "regulated activity" in the UK, as must pull all advertising from the country by June 30. This ruling also came with a warning to the public, advising consumers to be wary of adverts promising high returns on crypto assets, as part of an ongoing crackdown of crypto by regulators. In response to the announcement, Binance has said that the FCA notice will have no direct impact on the services it provides from its website. As the crypto exchange is not UK-based, they have advised will be no impact on UK residents who use the website to purchase and sell cryptocurrencies. However, despite Binance's assurances that this move will not affect their services, there have been some reports from UK customers who have been blocked out from withdrawing and depositing through the marketplace, as well as the Faster Payments Network moving to suspend Binance payments. Binance is one of the largest cryptocurrency exchanges in the world, offering a platform to trade various cryptocurrencies. Founded in 2017, Binance is based in the Cayman Islands, Binance also offers digital wallets for users to store funds, as well as a variety of other financial products