UK bans Binance cryptocurrency exchange

Britain’s Financial Conduct Authority bans Cryptocurrency exchange Binance from operating in the country’s markets from June 30 onwards. Binance was one of several crypto firms that could not meet anti-money laundering requirements.

As far as trading volumes are concerned, Binance is the world’s largest crypto exchange platform and was set to launch its digital asset marketplace in Britain. “Binance Markets Limited withdrew their 5MLD application on 17 May 2021 following intensive engagement from the FCA. The action taken today on Binance Markets Limited has been in train for some time.” a spokesperson for the FCA told CNBC.

Here’s what Binance mentioned in its tweet:

We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML).

BML is a separate legal entity and does not offer any products or services via the https://t.co/QILSkzx7ac website. (1/4)

— Binance (@binance) June 27, 2021