It appears the world is coming crashing down for Binance. Just two days after announcing that it will no longer be able to service those residing in Ontario, Canada, the company has been given the boot by the entirety of the United Kingdom, with the company banned from undertaking any regulated activity within the nations borders.
The firm on Sunday was effectively banned by Britain’s Financial Conduct Authority, with the authority requiring the firm to meet stringent requirements. Effectively, Binance has until Wednesday evening to meet demands by the authority, which includes removing all advertising and promotions, as well as making clear on its website that it is no longer allowed to operate within the United Kingdom.
The declaration is to include text stating that no entity from the Binance Group “holds any form of UK authorisation, registration, or license to conduct regulated activity in the UK,” and is also required to appear on all social media and communications channels.
Notably, the firm is also required to retain all records related to UK consumers from its systems in their original form, which must be kept within the UK.
The ban on Binance follows the firm last month pulling an application within the country to become a registered cryptocurrency firm. The retracted application reportedly was after “intensive engagement” with the regulator, with the authority basing approvals of such applications on controls crypto firms put in place to limit money laundering and terrorism financing.
Binance has yet to make any announcement related to the ban.
Information for this briefing was found via the Financial Conduct Authority. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.