Binance issues cease and desist to entity registered in UK.
The cryptocurrency exchange Binance has announced that it issued a cease and desist order to Binance Ltd in the UK. Binance stated that the referenced company has no business with the actual exchange. This announcement comes as a response to a Reddit post that claims the Binance office in the UK is a “utility closet”. The post includes a picture of the supposed address in Mildenhall, a small town in Suffolk County. However, Binance denies any affiliations with the company or the location in the picture, describing the entity as “a scam company – not affiliated with Binance in any way”.
Binance has also issued a cease and desist to Binance Nigeria Limited, requiring the Nigerian entity to stop all activities purporting any association with the exchange. This comes after the Nigerian Securities and Exchange Commission declared Binance Nigeria an illegal entity and ordered it to “stop soliciting Nigerian investors in any form whatsoever”. The SEC also warned the Nigerian public about the risks of investing in cryptocurrencies.
The Central Bank of Nigeria previously directed financial institutions to stop facilitating crypto transactions, but clarified that the directive did not outrightly ban crypto trading and transactions. The order was to keep crypto activities away from the banking sector.
In addition, Binance Markets Limited (BML), a UK subsidiary of the Binance exchange, has withdrawn its registration with the country’s Financial Conduct Authority (FCA). BML can “no longer provide regulated activities and products”. The FCA has clarified that no other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK. BML was launched in June 2020 following Binance’s acquisition of a firm called EddieUK.
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