Regulators In UK And Japan Warns Binance For Unauthorized Dealings

Discussion • 2021/06/30 • by

Top financial regulators in England and Japan have Independently warned Binance for offering unauthorized crypto services to its residents.

Binance is not the only firm offering crypto exchange service to customers of both countries without registering with the regulatory bodies.

As at the time of writing this news, the following information was gathered;

Japanese and British top financial regulators, Financial Services Agency (FSA) and Financial Conduct Authority (FCA) , have issued a warning notice to Binance on Friday and Saturday respectively for not registering with them.

Other important updates from the news include;

It was also gathered that this is not the first time Binance has received such notice from the FSA in particular. The regulator sometime in March 2018, warned Binance on the same issue, which detailed that Binance has been providing crypto exchange services to Japanese customers without registration. Hence, companies wanting to provide crypto exchange services in Japan must register with FSA.

On the other hand, the Financial Conduct Authority (FCA) also observed the same unregulated activity that existed between Binance and some UK residents without any chance of UK authorization, registration or license to conduct regulated activity in the UK.

The regulating authority, therefore states as follows "Binance Markets Limited is not currently permitted to undertake any regulated activity without the prior written consent of the FCA. And that the firm is part of a wider group (Binance Group), but the Binance be Group appears to be offering vUK customers a range of products and services via a website Binance.com.

In conclusion, Binance is not the only firm offering crypto exchange services to UK and Japan customers without registering with the financial authorities.

What are your thoughts on the warnings from British and Japanese regulators to Binance