The U.K.’s regulator has banned Binance, a cryptocurrency exchange, from operating there. This is the latest indication of growing censorship on the crypto market.
Britain’s Financial Conduct Authority said Saturday that Binance Markets Limited, the U.K. division of Binance, “is not permitted to undertake any regulated activity in the U.K.”
Binance, the largest crypto exchange in terms of trading volume, was to launch its own digital assets marketplace in Britain. However, it was one of several crypto firms that withdrew applications to register with the FCA due to not meeting anti-money laundering requirements.
CNBC was informed by a spokesperson from the FCA that Binance Markets Limited had withdrawn their 5MLD application after intensive engagement with the FCA. “The action that Binance Markets Limited took today has been in the works for some time.”
Binance is the largest cryptocurrency exchange in the world. It has been criticized by regulators in many countries for pushing the limits of cryptocurrency services.
Japan’s regulators warned the company this month that it is not licensed to operate in Japan. Following regulatory actions against other exchanges, Binance pulled out of Ontario, Canada.
Binance formed its U.K. affiliate to help it become a registered cryptocurrency exchange. The idea was to create something similar to Binance.US, a country-specific site that complies with local regulations. It withdrew it earlier in the year.