CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

UK regulator bars crypto platform Binance Markets

By Aaron Woolner


Updated

Binance logo

A British financial regulator issued a statement at the weekend saying crypto trading platform Binance Markets is not allowed to offer services in the UK and told consumers in the country to “be wary” of advertisements for cryptocurrency products. 

The UK’s Financial Conduct Authority (FCA) said on Saturday (26 June) that Binance Markets “is not permitted to undertake any regulated activity in the UK” and that no entity within the Binance Group has legal authority to offer services in the country. 

The FCA said that the Binance Group “appear[s] to be offering UK customers with a range of products and services via a website, Binance.com”. 

Separate entity

The trading platform appeared to reject the FCA’s statement via Twitter, saying that Binance Markets is a separate legal entity to Binance Group and that it does not offer services via the Binance.com website.  

“Our relationship with our users has not changed, and that the FCA statement had no direct impact on the services provided by the firm,” the tweet said.

 

 

“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space,” Binance tweeted. 

What is your sentiment on BTC/USD?

69687.95
Bullish
or
Bearish
Vote to see Traders sentiment!

DOGE/USD

0.16 Price
+5.720% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BCH/USD

505.05 Price
+3.660% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50

BTC/USD

69,687.95 Price
+5.230% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,537.56 Price
+13.380% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

China bans

The FCA’s announcement comes after Chinese authorities this month extended their crackdown on crypto mining, banning it from its southwest province of Sichuan.

In addition, the FCA’s statement on Binance also warned consumers of online advertisements that promise high returns on crypto investments.

“Most firms advertising and selling investments in cryptoassets are not authorised by the FCA. This means that if you invest in certain cryptoassets you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong,” said the FCA. 

Bitcoin rises

Bitcoin gained on Monday (28 June), trading 5.1% higher at $35,309 as of 00:19 a.m BST (GMT+1). According to Bloomberg, crypto traders can interpret the tough regulatory action as a sign that the market is maturing, and that greater regulatory oversight will bring more players into the market. 

Binance is the largest crypto exchange globally by volume, trading nearly 80% more than second-placed ZG.com.

Trade Bitcoin to US Dollar - BTC/USD CFD

 

1m
5m
15m
30m
1H
4H
1D
1W

Read more:  Bitcoin bounces back to $34,000, Ethereum climbs above $2,000

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 610,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading