No other entity in the Binance Group holds any form of UK authorisation or registration to conduct regulated business in the UK.
7 June 2023 updateīinance Markets Limited has recently submitted a cancellation request of their FCA permissions which was completed on and is reflected on the FCA Register.įollowing the completion of the cancellation of permissions the firm is no longer authorised by the FCA. See the FCA Register for any requirements that apply to the firm. These requirements remain in place and BML are still unable to conduct regulated business in the UK. The firm complied with all aspects of the requirements. On 25 June 2021, the FCA imposed requirements on Binance Markets Limited. To see if others have posted any concerns, search online for the firm’s name, directors’ names and the product you are considering.Īlways be wary if you are contacted out of the blue, pressured to invest quickly or promised returns that sound too good to be true.įind out more about investing in cryptoassets. Check with Companies House to see if the firm is registered as a UK company and for directors’ names. 1 According to Bloomberg Billionaires Index, Zhao was ranked the 136th-richest person in the world, with a net worth estimated at 13.1 billion as of December 2022. You should do further research on the product you are considering and the firm you are considering investing with. Zhao is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022. You can also check our Warning List of firms to avoid. A firm must be authorised by us to advertise or sell these products in the UK – check our Register to make sure the firm is authorised. While we don’t regulate cryptoassets like Bitcoin or Ether, we do regulate certain cryptoasset derivatives (such as futures contracts, contracts for difference and options), as well as those cryptoassets we would consider ‘securities’ – find out more information. 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. Most firms advertising and selling investments in cryptoassets are not authorised by the FCA. Investing in cryptoassets generallyīe wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products. The Binance Group appear to be offering UK customers a range of products and services via a website,. No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK. This firm is part of a wider Group (Binance Group).ĭue 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. In Monday’s lawsuit, the SEC named BUSD as a security, as well as Binance’s exchange token, BNB.Binance Markets Limited is not permitted to undertake any regulated activity in the UK. The crypto exchange has faced regulatory challenges for months, including an enforcement action by the New York Department of Financial Services in mid-February that ordered Paxos to stop issuing a Binance-branded stablecoin, BUSD, amid questions over improper management. “As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.” “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” SEC Chair Gary Gensler said in a statement. Assets were allegedly also sent to Merit Park Limited, another entity owned by Zhao. Additionally, the entity managing Binance.US-BAM Trading-misled investors about “nonexistent” trading controls, while Zhao’s Sigma Chain engaged in manipulative trading to inflate the trading volume, according to the complaint. The agency also alleges that Zhao and Binance were exercising control of customer assets, which permitted them to commingle customer assets and divert them to a Zhao-owned entity called Sigma Chain. customers to continue trading on the platform” despite the service being closed to the region. The SEC complaint includes similar allegations, including that Binance and Zhao were subverting controls to “secretly allow high-value U.S.
companies and not properly registering with the agency.
The lawsuit comes two months after the Commodity Futures Trading Commission moved to sue Binance and Zhao in March for allegedly offering illegal services to U.S.
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