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Cryptocurrency: UK’s financial authority reportedly restricts Binance

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An emerging report by BBC has claimed that the Financial Conduct Authority (FCA) has restricted Binance, the operation of the world’s biggest cryptocurrency exchange in the country.

The UK’s financial regulator, however, urged people to be wary of adverts promising high returns on cryptoasset investments.

Techeconomy.ng gathered that the FCA also noted that the firm cannot conduct any “regulated activity” in the UK.

According to a statement released by the regulator: “Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.”

“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK.

“The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.”

Commenting on the FCA’s statement, Binance said the notice would have no “direct impact” on the services it provides from its website Binance.com.

The UK’s financial regulator also noted that Binance Markets Limited (BML), which is owned by Binance Group, is not currently allowed to undertake any regulated activities without the prior written consent of the FCA. It has until Wednesday to comply with the ruling.

The regulator maintained that no entity in the Binance Group holds any form of authorisation, registration or licence to conduct regulated activity in the UK.

Meanwhile, this medium previously reported that the cryptocurrency platform had suspended Nigerian Naira deposit.

The suspension was contained in a statement issued by Binance in reaction to the Central Bank of Nigeria (CBN’s) circular to commercial banks to close all cryptocurrency related accounts.

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The CBN, in a statement obtained by Techeconomy.ng on Friday, February 5, warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.

The apex bank, however, charged the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.

 

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  1. Pingback: Cryptocurrency: UK’s Financial Authority Reportedly Restricts Binance | Techvalley

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