The UK Financial Regulatory Authority has ordered Binance, one of the world's largest cryptocurrency exchanges, to stop all of its activities in the UK.
The authority warned users of the platform, which is under increasing scrutiny worldwide. In a notice dated June 25, the authority said that Binance “must not, without prior written approval of the authority, carry out any regulated activities,” and the decision applies “with immediate effect.”
Binance did not respond to a request for comment on Sunday from Reuters. It is reported that cryptocurrency trading is not directly regulated in Britain, according to the agency.
The regulator did not explain why it was taking action against Binance, which has previously said it abides by laws and cooperates with regulators and law enforcement.
The authority is working to intensify its oversight of cryptocurrency trading, which has increased its popularity in the United Kingdom, along with several other countries.
Since last January, the authority has required all companies that provide cryptocurrency-related services to register and prove their compliance with anti-money laundering rules. However, it said this month that only five companies had registered, and that the majority had not yet adhered to the rules.
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