The UK Financial Conduct Authority has barred Binance Markets from conducting regulated business in the country, in one of the most significant moves by a regulator in the midst of a global crackdown on the cryptocurrency industry.
The regulatory body in the UK made this known via a statement on Monday.
Binance was accused of providing certain services in the country by the Financial Conduct Authority.
It said, “Binance Markets Limited is not permitted to undertake any regulated activity in the UK.”
Binance, according to the regulator, assists investors in buying and trading cryptocurrencies online.
FCA said, “No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.”
Apart from the ban, it also warned UK investors to be careful of investments promising huge returns.
“Be wary of adverts online and on social media promising high returns on investments in crypto asset or crypto asset-related products.
Following the report, Japanese regulators have also cautioned Binance.
The beleaguered company will no longer serve customers in Ontario, Canada.
“We are aware of recent reports about an FCA UK notice in relation to Binance Markets Limited,” Binance spokesperson told CNN Business.
“BML is a separate legal entity and does not offer any products or services via the Binance.com website. The FCA UK notice has no direct impact on the services provided on Binance.com. Our relationship with our users has not changed,” the spokesperson added.