According to FCA, Binance’s Cryptocurrency business is not authorised and neither they have license to operate their business in U.K
Binance, the biggest Cryptocurrency exchange by volume in the Cryptocurrency, is facing lots of issues in the present time due to regulators of multiple countries.
Recently Ontario’s top regulators announced the ban of Binance use for Ontario based users. And now this is U.K top regulars which are in action against Binance operations in U.K
According to Financial Conduct Authority on 26 June, Binance Exchange is not doing their business under any License or permission and there are many things which are going through the suspect point of view.
FCA also claimed that neither London based Binance Market is limited nor any authorities or entities associated with Binance group have any authorisation for their crypto services.
Due to many legality issues, Binanace announced plans to launch a separate Cryptocurrency Binance exchange for the British & European population.
But that was further closed by Binance because of a few legal issues.
Many social media reports say that the Investors and main leader of Binance U.K exchange was not in support after 6 month of work and they left the exchange, that is why they shut down their new exchange business.
Well here Binance is getting popular not only by its wide use but there are many Legalised issues that are coming in these days that have more contribution.