The United Kingdom’s financial regulator, Financial Conduct Authority (FCA) has ban Binance, the world’s biggest crypto-currency exchange, in the UK.
The Financial regulator ruled that the firm cannot conduct any “regulated activity” in the UK.
It further issued a consumer warning about Binance.com, urging people to be careful of adverts promising high returns on cryptoasset investments.
Responding, Binance said the FCA notice would have no “direct impact” on the services it provides from its website Binance.com.
Binance said the firm’s relationship with its users had not changed, stressing: “We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space.”
The FCA move comes amid pushback from regulators around the world against crypto-currency platforms.