U.K. regulator TheFCA has cancelled certain permissions it gave crypto exchange binance's local unit upon the company's request. By iamsandali and JamieCrawleyCD.
The company is also facing regulatory heat elsewhere with its U.S. unit and founder Changpeng"CZ" Zhao facing a lawsuit from the Securities and Exchange Commission for the alleged sale of securities and operation of an unregistered trading platform. French authoritiesthat the platform has been under investigation for"aggravated money laundering" since at least 2022.
"Following the completion of the cancellation of permissions the firm is no longer authorized by the FCA," the regulator's website said as part of a June 7 update."No other entity in the Binance Group holds any form of U.K. authorization or registration to conduct regulated business in the U.K."Binance was"not capable of being effectively supervised," while telling its U.K. arm it was not allowed to carry out any regulated activities in the country.
"The Binance Group appear to be offering U.K. customers a range of products and services via a website,
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