It is the British equivalent of the Swedish financial watchdog, the FCA, which has banned global crypto platform Binance from offering certain services in the UK, according to a report by several media outlets, including the Financial Times.
“Binance Markets Limited is not authorized to conduct any regulated business in the UK,” the FCA said in a statement, which gave Binance until Wednesday to return with assurance that the company would comply with the requirements.
But the question is whether the ban, which thus affects regulated activities, is mostly a symbolic act. Cryptocurrency trading is not regulated in the UK. On the other hand, these are some of the additional services offered by the company, such as trading in derivatives.
The British ban comes just days after Japanese authorities issued a warning to Binance, and in Canada, Binance has been blacklisted since the beginning of the year. Authorities are concerned about poor consumer protections and that crypto services are often used in shady contexts such as money laundering and fraud.
Binance says that the company will cooperate with the authorities while at the same time confirming that the British ban will not have repercussions on the services the company provides on Binance.com.
Among the Swedish equivalents for Binance are Safello and Goobit, both of which are listed on the exchange.