Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the capability of the FCA of enforcing the ban on Binance Markets Ltd operating in the UK.
On 26 June the FCA issued a consumer warning stating that due to the imposition of requirements, Binance Markets Limited is not currently permitted to undertake any regulated activities without the FCA’s prior written consent. The FCA asked Binance.com to display the consumer warning on their website.
The FCA’s announcement relates to the UK entity (Binance Markets Limited) and does not apply to the Binance group (Binance.com) based outside the UK, which can continue to interact with UK consumers.
On 25 August, the FCA published its supervisory notice on Binance Markets Limited, alongside a consumer statement, which confirmed that Binance Markets Limited complied with FCA requirements.
The FCA is an independent body and its action regarding Binance Markets Limited is based on powers granted to the FCA under statute, pursuant to the FCA’s objectives which include protecting consumers, ensuring market integrity and promoting competition.