2 years ago
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The City watchdog today published an update to its previous warning against the world’s biggest cryptocurrency exchange. According to it, Binance Markets Limited, the UK division of Binance, has complied with all the requirements imposed by the FCA.
“On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements. See our Supervisory Notice. See the FCA Register for any requirements that apply to the firm,” the regulator said.
As of June 30, Binance was obliged to add a notice in a prominent place in its website and apps informing Brits that it’s not approved to offer them any services.
At the time, Binance clarified that the FCA notice would have no direct impact on the services it provides in the country from its website Binance.com.
“BML is a company incorporated in the UK and regulated by the FCA. BML is a separate legal entity and does not offer any products or services via www.binance.com. The FCA Notice does not apply to the products and services provided through www.binance.com, nor does it change any arrangement with our users,” it added.
The exchange also explained that the regulator requires BML to seek prior written consent in order to undertake any regulated activities in the UK.
While the influential platform was technically allowed to continue offering trading to UK users, it was one of several crypto exchanges that were ordered to withdraw applications to register with the FCA due to not meeting anti-money laundering requirements.
Following the FCA’s restrictions, Binance has suffered subsequent setbacks in several jurisdictions. The exchange announced on August 14 it would no longer offer trading pairs, P2P merchant applications and payment options in both South Korea and Malaysia.
The announcement came barely two weeks after Binance decided to shut down its futures and derivatives business across Europe, starting in the Netherlands, Germany, and Italy. Earlier this month, the exchange also announced that it is winding down its futures and derivatives product offerings in Hong Kong amid a growing crackdown by regulators.
For its part, Malaysia’s regulator reprimanded Binance and its chief executive for operating illegally in the country, despite a previous warning.
Binance CEO Changpeng Zhao “CZ” indicated that the move to restrict access to derivatives products was ‘proactive’.
CZ previously revealed that he expects Binance to face heavy scrutiny in the future as the leading exchange is shifting from “a tech startup to a financial service.” He said that while announcing that the US arm of the global platform is considering an initial public offering (IPO) despite the ongoing regulatory crackdown.
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