FCA issues consumer warning on Binance Group
Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the regulator
The Financial Conduct Authority (FCA) has issued a consumer warning regarding Binance Markets Limited, which is a part of the wider Binance Group.
Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the regulator, following the imposition of certain requirements.
At the moment, the Binance Group appears to be offering services to consumers in the UK via its website, Binance.com.
No other entity or subsidiary of the group has any other form of UK authorisation, registration or licence to conduct regulated activity in the country.
As well as this warning, the FCA cautioned consumers from investing in cryptoassets generally.
The regulator said: “Be wary of adverts online and on social media promising high returns on investments in cryptoasset or cryptoasset-related products.
“Most firms advertising and selling investments in cryptoassets are not authorised by the FCA.”
It added: “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.”
