Binance, the largest crypto exchange by trading volume, has issued a cease and desist order against a U.K.-based company using its name, Binance Ltd. The platform defined the firm as a scam company that has no affiliation with Binance. - The move came one day after Binance officially withdrew the registration of its U.K. subsidiary, Binance Markets Limited (BML), with the Financial Conduct Authority (FCA), the U.K.'s financial regulator.
- In the announcement, the FCA said no other entity under the roof of Binance Group holds any form of registration in the U.K.
- The withdrawal did not affect Binance's operations in the country since it has never launched its business in the U.K.
- The notice is the second cease-and-desist order by Binance in a week after the one issued for a fraudulent entity using the company's name in Nigeria without any affiliation, Binance Nigeria Limited.
- Earlier in June, Nigeria's Securities and Exchange Commission ordered Binance Nigeria Limited to halt its business in the country, declaring that the firm's operations were illegal.
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