What the FCA’s “ban” on Binance means for cryptocurrencies

Binance, the world's biggest cryptocurrency exchange, has, it is reported, been "banned" by the FCA. But the truth is slightly more complicated than that, says Saloni Sardana. Here's what actually happened and what it means for crypto-investors.

Binance
(Image credit: © Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

Binance, the world’s largest cryptocurrency exchange came under fire from the UK’s Financial Conduct Authority last week when it said the company is not authorised to carry out any regulated activity in the UK.

The move is the latest measure by a regulator aimed at suppressing digital currencies, which have been growing at breakneck speed.

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Saloni Sardana

Saloni is a web writer for MoneyWeek focusing on personal finance and global financial markets. Her work has appeared in FTAdviser (part of the Financial Times),  Business Insider and City A.M, among other publications. She holds a masters in international journalism from City, University of London.

Follow her on Twitter at @sardana_saloni