Read this Binance Markets Limited review to know why we added this broker to our scam broker 2023 list. Crypto traders should take note of Binance recent decision to reduce the regulatory licensing for its UK operations. In addition to the inherent risk associated with trading unregulated securities, making it more difficult or unappealing for buyers to enter a market stifles demand and drives up prices.
Deregulating the BML entity is described by Binance as a just “administrative procedure” that won’t impact their long-term strategic goals. They make it clear that BML has not operated in the UK and has never taken part in any kind of regulated activity. However, the BML organization was viewed as a first step towards a larger endeavor to obtain increased acknowledgment and consent from the primary financial regulator in the United Kingdom.
FCA update on Binance Markets Limited
On June 25, 2021, the FCA imposed specific obligations on Binance Markets Limited, and the firm diligently adhered to all of these requirements. For detailed information, please refer to the FCA Supervisory Notice. Additionally, you can access the FCA Register to review any applicable requirements that pertain to the firm. It’s important to note that these requirements continue to be in effect, and as a result, BML remains ineligible to engage in regulated business activities within the United Kingdom.
The request by Binance Markets Limited (BML), the major crypto exchange’s UK unit, to revoke its FCA license is a warning sign about the direction the industry is heading. According to the FCA, “the company is no longer authorized by the FCA as of May 30, 2023.” No other member of the Binance Group is registered or authorized to do regulated business in the UK in any way.
Address – 167-169 Great Portland Street, London, England, W1W 5PF
Warning – Financial Conduct Authority (United Kingdom)
Regulated – Unregulated
Warning issued Regarding Binance Markets Limited
Binance Markets Limited is ineligible to engage in any regulated activities within the United Kingdom. This company is a constituent of the broader Binance Group.
Because the Financial Conduct Authority (FCA) has imposed specific conditions, Binance Markets Limited is presently barred from participating in any regulated activities unless granted prior written authorization from the FCA.
No other entity within the Binance Group possesses any type of authorization, registration, or licensing to carry out regulated activities in the UK.
Binance Markets Limited Review: A generic approach to investing in crypto-assets
Exercise caution when encountering online and social media advertisements that promise substantial returns on investments in crypto assets or crypto asset-related products.
It’s important to note that the majority of companies advertising and offering crypto asset investments lack authorization from the FCA. While the FCA does not directly regulate cryptoassets like Bitcoin or Ether, they do oversee certain cryptoasset derivatives, including futures contracts, contracts for difference, and options, as well as the entities dealing with them.
Before committing to any investment, conduct thorough research on both the product and the company you are considering. Verify the firm’s registration with Companies House as a UK company and identify its directors. Look online for any concerns or feedback related to the firm’s name, its directors, and the specific product you are contemplating. Always exercise caution if you receive unsolicited contact, face pressure to invest hastily, or are presented with returns that seem too good to be true.
What to do if you have been scammed?
If you believe that you are a victim of the Binance Markets Limited scam or any other online scam, then you are eligible to file a complaint against scammers. Fill out a complaint form on our website and get a free consultation from our experts regarding fund recovery services.
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