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UK Financial Conduct Authority (FCA): Can't properly control Binance

On August 25, 2021, the FCA issued a Consumer Alert on Binance Markets Limited and Binance Group:


Binance Markets Limited is not permitted to conduct any regulated activities in the UK. This firm is part of a broader group (Binance Group).

Due to the introduction of FCA requirements, Binance Markets Limited is not currently permitted to conduct any regulated activities without the prior written consent of the FCA.

No other entity in the Binance group has any form of authorization, registration or license in the UK to conduct regulated activities in the UK.

The Binance group appears to offer a wide range of products and services to UK customers through its website,

Investing in cryptoassets in general
Be wary of online and social media advertisements promising high returns on investments in cryptoassets or cryptoasset-related products.

Most firms advertising and selling cryptoasset investments are not authorized by the FCA. This means that if you invest in certain crypto-assets, you won't have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong.

While we do not regulate crypto-assets such as bitcoin or Ether, we do regulate certain derivative crypto-assets (such as futures contracts, contracts for difference and options) and those crypto-assets which we would call "securities" - find out more information. The firm must be authorized by us to advertise or sell these products in the UK - check our register to make sure the firm is authorized. You can also check our list of warning firms to avoid.

You need to do further research on the product you are considering and the firm you plan to invest in. Check with Companies House to see if the firm is registered as a British company and to find out the names of the directors. To see if others have reported any problems, search online for the name of the firm, the names of the directors, and the product you are considering.

August 25, 2021 Update.
On June 25, 2021, the FCA imposed requirements on Binance Markets Limited. The firm has complied with all aspects of the requirements. See our Notice of Oversight. For any requirements imposed on the firm, see the FCA Registry. These requirements remain in place and BML still cannot conduct regulated business in the UK.

Nothing happy or new has happened on Binance in the UK, the activity is still prohibited. If suddenly, you are happy with the phrase "The firm has complied with all aspects of the requirements," please read the list of requirements from the FCA. They are aimed at stopping Binance activities, stopping advertising, keeping user data, warning users. THAT IS. No miracle happened, no licenses or approvals were obtained.

On August 25, 2021, the FCA issued an oversight announcement. In a document dated June 25, the agency revealed its reasons for the decision to ban the U.K. unit of Binance from any regulated activity in the country. The UK's Financial Conduct Authority (FCA) stated that bitcoin exchange Binance posed a significant risk to consumers and could not be effectively monitored by the regulator:

First Supervisory Notice Binance Markets Limited - by on Scribd

The FCA raised concerns about Binance's global reach and product line. The agency noted that it had twice made inquiries to the company, and the responses it received could qualify as a non-disclosure. Binance refused to disclose its global business model, the legal entity behind the domain, explain the regulatory status of traded tokenized shares and failed to provide requested information about other products.

"Based on its interactions with the firm to date, the FCA believes it cannot be subject to effective oversight. This is of particular concern in the context of the firm's membership in a global group that offers complex and high-risk financial products that pose significant risk to consumers,"- said in the notice.

The regulator pointed out that Binance's UK unit has not carried out regulated activities for 12 months and is apparently unable to do so in the future, or is simply unwilling to do so. The British regulator specifically demanded that the exchange not engage in regulated activity without its written consent, post a warning about its lack of license on its website, as well as stop promotional activities and store data of British customers in the country.

But, a spokesperson for the exchange cheeredly told Reuters that Binance Markets Limited has complied with all FCA requirements and continues to engage with the agency. As Binance likes to do, to publicly deceive and lie, to deceive financial regulators and users.

"As the cryptocurrency industry ecosystem continues to grow and evolve, we are committed to working with regulators and policymakers to develop policies that protect consumers, encourage innovation and move our industry forward," - he said.
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