Binance has complied with all legal requirements in the UK, as reported by the FCA. It seems like the company is actually turning things around as more countries are issuing notices against them. The UK was one of the first countries to do so; hence it is good to say that Binance has finally complied with all the laws there. But there is still a major problem after all this. The FCA has said that Binance won’t be allowed to provide crypto services in the country, which is still their primary business.
Binance has followed every requirement in the UK
The UK Regulatory authority announced on Twitter that “On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. The firm complied with all aspects of the requirements.” So, this is official, and Binance can operate without any legal troubles in the UK. This is even though they won’t be able to provide a full array of services to their UK customers. But something is better than nothing as Binance had to stop their operations completely in June after a warning.
According to the FCA, it is almost impractical to monitor the company. And that, combined with the fact that they are offering high-risk crypto investment services to UK citizens, is a big problem. This is why the FCA asked Binance to stop all promotions of its crypto products by June 20. At the same time, it was also asked to have all information of users in the UK saved in the country itself. And in case the FCA asks the company to provide any data, they must comply.
Services to be offered by Binance
After Binance complied with all the legal requirements of the UK authorities, they were allowed to provide certain services. These include managing client money, giving investment advice, arranging deals and more. But they are not being allowed to directly offer crypto investment services to the clients like in other countries. And they have even signed an undertaking with the FCA for the same reason.
What are your thoughts on Binance not being allowed to provide crypto services even though it has complied with all legal requirements in the UK? And do you think that this ban will be removed in the future? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.