Binance, one of the world's biggest cryptocurrency exchanges was ordered to halt all activities as Britain's financial regulator issued a warning to consumers about the platform, which was taken down.
The Financial Conduct Authority (FCA) said that Binance Markets “must not, without the prior written consent of the FCA, carry out any regulated activities … with immediate effect.”
While cryptocurrency trading is not directly regulated in Britain, providing services such as trading in cryptocurrency derivatives does not require permission.
The FCA send Binance a notice saying “BINANCE MARKETS LIMITED is not permitted to conduct any regulated activity in the UK on its website and social media channels."
It also stated that all records relating to UK consumers must also be secured and maintained and reported to the FCA by July 2.
The FCA is stepping up its oversight of cryptocurrency trading, which has soared in popularity in the Britain along with other countries around the globe.
The authority is cracking down on cryptocurrency trading, which has risen in popularity in Britain along with other countries during the lockdown.
Since January, it has required all companies that provide crypto-related services to register and demonstrate compliance with anti-money laundering rules, yet, only five companies had replied to the request.
Moreover, a notice posted on the Japan Financial Services Agency's website on June 25 showed that Binance was operating in the country illegally.
In May, officials from the US Department of Justice and the Internal Revenue Service, who investigate money laundering and tax offenses, sought information from inpiduals with insight into Binance's business.
A month earlier, German financial regulator "BaFin" warned that the exchange risks being fined for offering digital tokens without a prospectus to an investor.
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