The U.K.’s financial watchdog just took one of the most significant regulatory moves to date against a crytocurrency exchange as global scrutiny of the industry hardens.
Binance Markets Ltd., an affiliate of top global crypto bourse Binance, was told by the Financial Conduct Authority it has until the evening of June 30 to confirm it has removed all advertising and financial promotions, according to the authority’s register. The exchange must also make clear on its website, social media channels and all other communications that it’s no longer permitted to operate in the U.K. Binance Markets won’t be able to resume U.K. operations without prior written consent.
While the target of the restrictions is a separate legal entity from Binance — the world’s biggest crypto exchange by reported turnover — the FCA edict specifies that the notice must be put on Binance.com and communication channels including the Binance mobile and desktop applications.
The move extends a regulatory crackdown on the cryptocurrency sector amid concerns about its potential involvement in money laundering and fraud.