On June 26, the UK's Financial Conduct Authority (FCA) published a consumer warning on banning the crypto exchange platform Binance from delivering operations in the country. The decision refers to Binance Markets Limited (BML) and the main company Binance Group.
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The regulatory body didn't clarify reasons for blocking but mentioned that the "imposition of requirements" suggests the stop of the platform's operations. Binance ought to announce it's accepting the decision by June 30.However, the FCA's crackdown couldn't confine trading in a major market. Binance announced there won't be a direct effect on activity via its main site as BML is separate and hasn't launched.
We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited (BML).
— Binance (@binance) June 27, 2021
BML is a separate legal entity and does not offer any products or services via the https://t.co/QILSkzx7ac website. (1/4)
In a separate tweet, the company said it takes compliance responsibilities seriously and therefore prefers collaborating with regulatory bodies.
Users can carry out operations on Binance platforms like before, and there is nothing changed practically. The leading platform was founded in 2017 July. On June 26, Binance Smart Chain announced that the number of transactions reached 700 million.