Britain's Financial Conduct Authority, the FCA, has issued a warning against the Binance platform as the cryptocurrency exchange continues to offer its services in the country without permission.
The warning issued on Saturday by the regulator stated that Binance provides cryptocurrency exchange services in the country without registering with the relevant financial authorities, and the statement warns directly from Binance Markets Limited, the Binance Group and its websites.
The statement also contains a warning about online and social media ads that promise high returns on investments in crypto assets or crypto-asset related products.
The Financial Conduct Authority confirms that most companies that advertise their investments in crypto assets are not authorized by it. This means that if you invest in some cryptocurrency pool, you will not be able to access the Financial Services Compensation Scheme if things go wrong.
For Binance, this isn't the only warning this week, as the Japanese financial market regulator, the FSA, warned the platform for the second time on Friday. The crypto-exchange giant received its first warning from Japan's Financial Services Authority in March 2018 when the regulator warned that the platform would face criminal charges if it continued to operate without a license. This forced Binance to move its headquarters outside Japan to Malta.
While Binance has not publicly responded to the FSA’s latest warning, the platform’s Japanese website is accessible from Japanese IP addresses, and a new user registration page is also available.
The Binance platform has turned into a major crypto exchange with operations around the world. It has expanded its services significantly over the years and now has a trading presence from spot trading to derivatives trading and from crypto mining to lending
Meanwhile, the cryptocurrency exchange is also facing investigations by European regulators for offering the trading of stock tokens and by American regulator for accepting clients for derivatives trading. However, Binance has so far maintained its position of being the largest global cryptocurrency platform.
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