Binance News: The UK has suspended Binance‘s operations in the country, giving the cryptocurrency exchange three days to comply with its directives.
Changpeng Zhao’s company formed Binance Markets Limited as its UK arm and applied for a cryptocurrency license, but they eventually got into a dispute with the FCA.
The UK followed in the footsteps of Japan and Germany, warning its citizens about Binance, stating that the company does not have a cryptocurrency operating license in the country.
According to reports on Sunday, officials said, “Binance Markets Limited is not allowed to engage in any regulated activity in the UK.”
Again, authorities have asked Binance to add a warning notice on its website stating that “Binance Market Limited is not allowed to engage in any regulated activities in the UK”
Binance’s reaction to the limitation
In response to the ban, the company said that the ban was issued on Binance Markets Limited, not Binance Exchange, because both are separate entities. He stated that it did not operate in the UK.
Binance’s statement continued as follows:
“BML is a separate legal entity and does not offer any products or services through the Binance.com website. Binance Group acquired BML in May 2020 and has yet to launch it in the UK.
The FCA UK statement has no direct impact on the services provided on Binance.com.
Our relationship with our users has not changed. We take a collaborative approach to working with regulators and take our compliance obligations very seriously. We are actively following the changing policies, rules and laws in this new area.”