Despite the restrictions, the Binance Group offers a range of products and services to British customers through its website (Image: Getty Images)
The Financial Conduct Authority (FCA), which regulates the British financial system, has issued a statement stating that Binance, the world’s largest cryptocurrency broker, cannot conduct any regulated activity in the UK. In a statement issued on Saturday 26, the foundation claims that the company does not have the necessary permits to operate in the state. “Due to the requirements being imposed by the Financial Conduct Authority (FCA), Binance is not allowed to carry out any regulated activities without the prior written approval of the institution,” he reports.
Despite the restrictions, the Binance Group offers a range of products and services to British customers through the Binance.com website. “No other entity within the Binance Group has any form of authorization, registration or licensing to conduct regulated activities in the UK,” the FCA asserts. The activities of a cryptocurrency broker are on the radar of financial authorities in other countries, including the United States, Germany and Brazil.
In March of this year, the Brazilian Association of Crypto Economy (ABCripto) called on the Federal Public Ministry (MPF) to file a public case against Binance. Finance and Capital,” noted ABCripto, which considers the alleged violations on Binance as part of a well-thought-out global brand strategy.
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