According to the UK Strategic Finance Authority, Bainance Exchange is not allowed to operate in the country. The agency has made the continuation of Bainance’s operations in the UK conditional on obtaining the necessary licenses.
to the the report CoinDesk, the UK’s chief financial officer (FCA), said in a statement, citing Binance Markets Limited, that the company had no right to engage in any regulatory activity without its approval. It is worth noting that the provision of services such as futures trading and bitcoin trading is considered legal in the UK.
The UK Strategic Finance Authority further stated that no other subsidiary of the Bainance Group of Companies has a license to operate in the UK and that the UK legislature has not issued any license to operate these companies.
Despite not having a license, FCA claims that Bainance currently provides services in the UK.
Following the announcement of the UK Strategic Finance Authority, Bainance tweeted that this would have no effect on Bainance’s activities, services and customer relationships.
On Friday, however, the Japanese financial legislature warned Bainance against operating in the country.