Binance has confirmed it is not affiliated with a supposed branch in the UK after a Reddit post shared the exchange’s alleged UK address.
Major crypto exchange Binance announced that it issued a cease and desist order to Binance Ltd in the UK. In a tweet from Binance’s official account, the exchange said the referenced company has no business with the company.
The Binance tweet was in response to a Reddit post brought to Twitter, stating that 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. Refuting any affiliations with the company or the location in the picture, Binance described the entity as “a scam company – not affiliated with Binance in any way”.
According to the UK’s company registrar, Companies House, Binance Ltd at that address shares the same small nondescript building with more than 2,400 companies. Companies House records show that the firm registered at the address is OfficeServe, a firm that provides a physical address for interested companies.
Binance Issues Cease and Desist to Scam Entities in the United Kingdom and Nigeria
The UK cease and desist is the second one Binance has announced this week. On Sunday, Binance CEO Changpeng Zhao said the exchange has issued a cease and desist to Binance Nigeria Limited. The issuance immediately requires the Nigerian entity to stop all activities purporting any association with the exchange.
Binance announced a cease and desist only a few days after the Nigerian Securities and Exchange Commission (SEC) declared Binance Nigeria an illegal entity. The SEC ordered Binance Nigeria Limited to “stop soliciting Nigerian investors in any form whatsoever”. The SEC’s publication also warns the Nigerian public about the dangers of investing in cryptocurrencies, describing them as “extremely risky”.
In February 2021, the Central Bank of Nigeria (CBN) directed financial institutions to stop facilitating crypto transactions. In a letter sent to the country’s Deposit Money Banks (DMBs), Non-Financial Institutions (NBFIs), and other financial institutions (OFIs), the CBN also directed the institutions to immediately close all accounts owned by persons or entities conducting crypto transactions.
About a month later, CBN Deputy Governor Adamu Lamtek clarified the crypto ban. According to him, the CBN’s directive did not outrightly ban crypto trading and transactions. The order was to keep crypto activities away from the banking sector.
Binance UK Cancels FCA Permissions
Binance Markets Limited (BML), a UK subsidiary of the Binance exchange, has withdrawn its registration with the country’s Financial Conduct Authority (FCA). According to an official FCA publication, BML can “no longer provide regulated activities and products”. In another update, the FCA 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 launched in June 2020 following Binance’s acquisition of a firm called EddieUK. At the time, Binance acquired the firm to enter the UK market and launch Binance.UK, similar to Binance.US.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
