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Binance Under Fire From Regulators in U.K., Japan and Canada

Binance is under fire from regulators in the U.K., Japan and Canada, which in different forms have boxed in the crypto trading platform from offering its services.

Binance, one of the larger and better-known cryptocurrency exchanges, is under fire from regulators in the U.K., Japan and Canada, which in different forms have boxed in the crypto trading platform's ability to offer its services.

The U.K. Financial Conduct Authority announced that Binance Markets Ltd., the U.K. division of Binance, “… is not permitted to undertake any regulated activity in the U.K.”

Starting June 30, the company must have a notice in a prominent place in its website and apps showing U.K. users that Binance Markets is banned from offering regulated services. Binance, which already offers U.K. customers trading through its website and is not registered with the FCA, can still interact with U.K. users.

The move followed by a day Binance’s decision to close down its operations in Ontario, Canada’s most populous province, following publication of a Statement of Allegations last week by the Ontario Securities Commission against crypto exchange Bybit for allegedly failing to comply with provincial regulations.

That, in turn, followed a move by Japan's Financial Services Authority issuing its own warning on Friday that Binance is not registered to do business in Japan.

For its part, Binance responded on Twitter that it is aware of the regulatory decisions, noting that it takes "... a collaborative approach in working with regulators and we take our compliance obligations very seriously.

"We are actively keeping abreast of changing policies, rules and laws in this new space."

Coinbase  (COIN) - Get Free Report, the only publicly traded cryptocurrency exchange, earlier this month filed with Japan's FSA to offer its own crypto trading services, paving the way for Coinbase to begin offering five major cryptocurrencies including Bitcoin, Ether, Stellar, Litecoin and Bitcoin cash.

Binance's regulatory run-ins come as Bitcoin and other cryptocurrencies continue to recover from a June route that left most digital token down for the month and Bitcoin, the biggest, in the red for the year.

At last check, Bitcoin was up 4.86% at $34,074, while Ether was up 10.71% at $2024.12. Stellar was up 4.97% at 25.84 cents while Bitcoin cash was up 5.46% at $478.48. XRP was up 4.79% at 63.46 cents while meme-currency Dogecoin was up 5.1% at 25.39 cents.