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Thursday, Feb 09, 2023

FCA Blocks Binance Group To Engage in Any Regulated Activity in the UK

FCA Blocks Binance Group To Engage in Any Regulated Activity in the UK

The UK Financial Conduct Authority (FCA) has issued consumer warnings on Binance Markets Limited and the Binance Group. According to FCA, Binance Markets Limited, including Binance Group, cannot engage in any regulated activity in the UK.

According to the FCA announcement:

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

The FCA also said that the Binance Group appears to be offering UK buyers a range of products and services. The announcement was issued after FCA warned people about 111 crypto firms operating without authorization.

The UK regulator also warned people about investing in cryptos in general:

“Be wary of adverts online and on social media promising high returns on investments in crypto or crypto-related products.”

The FCA has not authorized most firms that advertise and sell investments in cryptos, which means that anyone investing in cryptos won’t have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong.

For most crypto investors, this was never the expectation anyway. In most countries the financial regulators’ mandate is to “look after the little guys”, but in reality they end up protecting the big investment banks and financial giants.

In UK the FCA don’t regulate cryptos like Bitcoin or Ether, but they regulate some crypto derivatives, such as futures contracts, contracts for difference, and options. This would also include crypto they would consider ‘securities’, which is the case with Ripple and SEC in the US.

Read also: SEC: XRP Is Fundamentally Different Than Bitcoin and Ethereum

If a company wishes to operate in the field in the UK, they should get authorization from the FCA before doing any activities, including advertising or selling crypto in the UK. The regulator advices the people to check their register to make sure the firm is authorized. People can also check their Warning List of firms to avoid.

Source: FCA Blocks Binance Group To Engage in Any Regulated Activity in the UK – Fintechs.fi

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