Binance's activities have sparked

controversy.
This isn't the first time that Binance's overseas activities have been
scrutinized by regulators.

According to Bloomberg, one of the firm's subsidiaries, Binance Holdings,

has been the focus of an investigation by the US Securities and Exchange
Commission (SEC), specifically by its personnel dealing with money
laundering and tax evasion.

In April, the Securities and Exchange Commission (SEC) issued a similar

warning to US consumers regarding the site.

Binance announced its withdrawal from Ontario, Canada, on Saturday,

after the Ontario Securities Commission (OSC) accused it and many other
cryptocurrency trading platforms of violating provincial legislation.

The UK's financial authority has issued a

warning to Binance, the world's largest
cryptocurrency exchange.

The Financial Conduct Authority (FCA) has determined that the company
cannot engage in any "regulated activity" in the United Kingdom.

People should also be careful of advertisements promising large returns on

cryptoasset investments, according to the report.

The FCA warning, according to Binance, will have no "direct impact" on

the services it offers through its website Binance.com.
Because Binance's current crypto exchange is not headquartered in the
United Kingdom, the FCA judgment will have no effect on UK citizens
who use the website to buy and sell cryptocurrencies.

The FCA does not regulate cryptocurrencies, but it does require

cryptocurrency exchanges to register. Binance is not permitted to operate
an exchange in the United Kingdom since it has not registered with the
Financial Conduct Authority (FCA).

The FCA's move comes in the wake of regulatory backlash against bitcoin
exchanges around the world.

Binance.com is a centralized online exchange that allows users to buy and

sell a variety of digital currencies, as well as digital wallets, futures,
equities, savings accounts, and even lending.

Binance Group is headquartered in the Cayman Islands, with Binance

Markets Limited in London as an associate. Binance Group was previously
situated in Malta and has several businesses all over the world.
• Investors' apprehensions about taking risks with cryptoassets
• Bitcoin is referred to by Donald Trump as a "scam."
• El Salvador's Bitcoin request is turned down by the World Bank.

Binance Markets Limited (BML), which is controlled by Binance Group, is

now not permitted to engage in any regulated activity without the FCA's
prior written authorization, according to the regulator. The deadline to
comply with the order is Wednesday.

The regulator also stated that no member of the Binance Group is

authorized, registered, or licensed to perform regulated activity in the
United Kingdom.