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The Wall Road Journal: Binance crypto trade ordered to stop operations within the UK

Authorities in the UK and Japan targeted subsidiaries of Binance Holdings Ltd., the world's largest cryptocurrency exchange network, in the recent regulatory crackdown on the hugely popular Bitcoin and other digital asset trading.

The UK's Financial Conduct Authority, the country's leading financial regulator, told consumers on Saturday that Binance's local unit is banned from doing business related to regulated financial activities.

Binance offers trading in cryptocurrencies and related derivatives such as futures. Binance Markets Ltd., the UK branch of the company, applied for registration with the Financial Conduct Authority and withdrew its application on May 17th.

"A significantly high number of crypto asset companies do not meet the required standards," said a spokesman for the FCA in an email. "Of the companies we examined so far, over 90% withdrew applications after our intervention."

Japan's financial regulator issued a statement on June 25 stating that Binance is not registered to do business in the country.

The price of bitcoin
BTCUSD,
+ 5.64%
fallen by up to 6% from its 5:00 p.m. level after the weekend regulatory measures. ET on Friday before reclaiming all of the lost ground and trading around $ 33,250 on Sunday, according to data from CoinDesk.

An expanded version of this report appears on WSJ.com.

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