The FCA has imposed a ban on the Binance exchange carrying out operations with cryptocurrency
The financial regulator of the United Kingdom (FCA) has officially refused the global cryptocurrency exchange Binance to carry out legal activities on the territory of the state. Without a special license, a structural division of Binance Markets Limited (BML) registered in the UK has no right not only to provide services for trading cryptocurrencies, but also to advertise any services of Binance.
From June 30, 2021, the UK Financial Conduct Authority ordered Binance to stop any advertising campaigns or promotions regarding the exchange's products inside the UK. The exchange must notify its clients that they do not have permission to operate with cryptocurrencies in the Kingdom.
London-based Binance Markets has previously received FCA approval to provide investment services to consumers. However, this permission applies only to traditional currencies. In 2021, the FCA required all companies offering services related to cryptocurrencies to register and prove that they comply with anti-money laundering rules.
Before registering, Antwort specialists advise you to check whether your future company meets the requirements of the regulator. After spending a lot of time and hoping for a quick launch of the project, you can get a complete ban on investment activities in the UK.
As in the case of Binance, despite the fact that the company is a global centralized crypto exchange offering various services related to cryptocurrencies and tokens, Binance Markets cannot currently engage in any type of business activity without obtaining the approval of the financial regulator in the UK.
Cryptocurrency companies planning their activities in the UK are required to ensure that they have the appropriate permits to carry out activities regulated by the FCA. If your company is not authorized by the FCA and offers products or services in the field of cryptocurrencies that require authorization, the regulator may fine the company or completely ban its activities in the country.
If you want to protect yourself from sanctions and fines from financial authorities, then before launching a project and registering a company in the UK, consult with lawyers.
Antwort Law specialists will not only help you register a company in the UK, but will also tell you which license you need to get for your business.
With us, you will be able to fully launch your cryptocurrency project, conduct legal activities in the UK and in the EU and obtain any regulatory permits.
Antwort lawyers have experience working with financial administrations of countries throughout the European Union. We have more than 100 financial and cryptocurrency licenses under our belt. Entrust your business to professionals.