Binance Markets Limited is not permitted to undertake any regulated activity in the UK, the Financial Conduct Authority (FCA) has warned. This firm is part of Binance Group.
Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK, the regulator says.
The Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.
The FCA cautions the public to be wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products.
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.
While the FCA does not regulate cryptoassets like Bitcoin or Ether, it does regulate certain cryptoasset derivatives (such as futures contracts, contracts for difference and options), as well as those cryptoassets it would consider ‘securities’. A firm must be authorised by the FCA to advertise or sell these products in the UK.
“Always be wary if you are contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true”, the FCA warns.