UK financial regulator bars crypto exchange Binance Markets

Binance Markets was banned by the UK’s financial watchdog from doing any regulated business in the country, one of the most significant moves to date by a regulator amid a global crackdown in the crypto industry.

Binance Markets has until the evening of June 30 to confirm that it has removed all advertising and financial promotions, according to the Financial Conduct Authority’s (FCA) register. The exchange must also make clear on its website, social media channels and all other communications that it is no longer permitted to operate in the UK Binance Markets won’t be able to resume UK operations without prior written consent.

While the target of the restrictions is a separate legal entity from Binance -- the world’s biggest crypto exchange by reported turnover -- the FCA edict specifies that the notice must be put on Binance.com and communication channels including the Binance mobile and desktop applications.