![]() ![]() ![]() Get in touch with us at to learn how we can help you expand your fintech business. Penser is a fintech consulting firm with experience working for leading global companies across financial technology sectors such as cryptocurrency, digital banking, and mobile payments. Regulatory authorities across the globe are taking measures to bring the unregulated crypto market under control to avoid any future financial crisis. Department of Justice (DOJ) and the US Internal Revenue Service (IRS). Nor will UK-resident investors using to buy and sell cryptocurrencies face any problem while using their crypto-exchange trading platform.īinance is also under investigation by the U.S. ![]() REUTERS/Dado Ruvic/File Photo Acquire Licensing Rights. Binance logo is seen in this illustration taken March 31, 2023. This is mainly because their company is based outside the UK. July 14, 20232:03 PM PDTUpdated 5 months ago. Binance’s Statement on the UK FCA’s Banīinance representative has stated that the FCA notice would not have a “direct impact” on the services it provides. UK resident investors are also advised to verify if the crypto-exchange is registered with the FCA through the FCA Register portal. Crypto-related advertisements should not promise high returns on crypto investments as they are highly volatile and risky. Therefore, a firm needs FCA’s authorization to advertise or sell crypto assets and crypto-related products in the UK. users starting Monday in order to comply with the countrys crypto marketing rules, the company said in a blog post. However, crypto-asset derivatives, such as futures contracts, contracts for difference and options, and crypto-assets that qualify as ‘securities’ are FCA-regulated. The latest on the UK economy, politics and government and in-depth analysis on the housing market and energy sector. Thus, in case of a problem, the investor/consumer will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme. Breaking news and top stories from the UK. In the report, the UK FCA clarified that it does not regulate cryptocurrencies or authorize investments in crypto-assets. The UK FCA’s Warning to Crypto Investors & Crypto-Exchanges The FCA also clarified that no entity in the Binance Group holds any form of authorization, registration, or license to conduct regulated activity in the UK. However, Binance Group does not have the FCA authorization to operate an exchange in the UK. Reason for UK FCA’s Ban on Using Ĭrypto-exchange platforms need to have FCA registration to operate in the UK. The firm supports individuals in buying and selling cryptocurrencies using the crypto-exchange platform. ‘Binance Markets Limited’ is the UK-based subsidiary of the Binance Group. On the 26 th of June, 2021, the UK Financial Conduct Authority (FCA) released a report banning ‘Binance Markets Limited’ from undertaking any regulated activities without FCA’s written consent. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |