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Finance Watchdog Says It Can’t Stop Binance Accessing UK Market

The Financial Conduct Authority sought to ban Binance entirely in June of 2021, but now says it lacks to authority to enforce the ban.

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The Binance app on a smartphone. File shot by Dado Ruvic, Reuters.

 

The UK’s Financial Conduct Authority (FCA) says it has too few powers to stop Binance from accessing a key UK payments network, despite the deep concerns it has about the cryptocurrency exchange.

The announcement came after Binance posted an ad on its website telling UK consumers they can deposit pounds sterling via Faster Payments, a UK payments and bank account transfer network.

In June 2021, the Financial Conduct Authority (FCA) blocked the company from conducting any regulated activity in the UK and issued a warning to consumers about the platform. In a notice, the FCA said Binance Markets Ltd, Binance’s only regulated UK entity, “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect.”

Now, the FCA is saying it lacks the tools to stop Binance from accessing the UK market via Faster Payments.

Binance was founded by Chinese software developer Changpeng Zhao in 2017, but moved out of China under increasing regulatory pressure, initially to Japan but now is legally registered in the Cayman Islands.

 

  • Reuters, with additional editing by Neal McGrath

 

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Neal McGrath

Neal McGrath is a New York-based financial journalist. Neal started his career covering the Asia-Pacific region for the Economist Intelligence Unit, then joined Asian Business magazine. He's subsequently held a variety of editorial positions covering business, economics, finance and sustainability. Neal has lived and worked in Hong Kong, Singapore, Germany and the US.

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