Binance Receives Warning on Operations in UK, Japan, Ontario


Binance has received warnings from regulators in the UK, Japan, and Canada’s Ontario, for failing to comply with local regulations. 

On Friday, Japan’s financial regulator issued a warning that cryptocurrency exchange Binance is operating in the country without permission.

A day after the Japanese regulator’s warning, the UK’s Financial Conduct Authority (FCA) published a statement that Binance shouldn’t be operating in the U.K. Further, the FCA said no other entity in the Binance Group “holds any form of UK authorisation, registration or licence to conduct regulated activity in the U.K.”

Binance responded via its Twitter that the notice has no direct impact on the services provided on

However, Binance is withdrawing its business in Ontario, Canada’s most populous province.

 This comes after the Ontario Securities Commission (OSC) published the Statement of Allegations against crypto exchange Bybit, Poloniex and KuCoin. It accused those exchanges of failing to comply with Ontario securities laws.

Binance has advised Ontario-based users to close out all active positions and that they have until the end of the year to withdraw their funds.


Global AML Watchdog Postpones Crypto Guidance

On the other hand, the Financial Action Task Force (FATF) said in its latest report that a majority of the countries it oversees have yet to implement its crypto guidance issued in 2019. 

The global anti-money laundering (AML) watchdog has deferred finalizing its crypto guidance until October, allowing industry participants to address concerns in the current draft. 

In the draft of FATF’s crypto guidance, FATF had stated that jurisdictions could ban exchanges that allow customers making peer-to-peer transactions. This could have drastic implications for DeFi and non-custodial wallets. 

Also, the guidance includes the so-called “travel rule” which requires companies to identify and share data on those involved in crypto transactions over $3,000.

Pushing back the date was a “good start” to addressing concerns in the current draft, lobbying group the Blockchain Association told The Block.