The British market regulator said it was “unable” to supervise the operations of Binance Holdings in the UK, prompting the authority to crack down on the cryptocurrency broker.

Binance failed to provide sufficient information to the FCA about its business operations, company structure, and the ways in which retail consumers use its products, according to a June 25 regulator’s notice issued on Wednesday.

“This is of particular concern in the context of the Company’s membership in a global group that offers complex and high-risk financial products and poses a significant risk to consumers,” the regulator said in the notice.

The Financial Conduct Authority (FCA) has also asked the company to remove all types of advertising and financial promotions.

Regulatory tightening

Founded in 2017, and rapidly expanding in an environment with little regulation, “B i n a n c e” has come under scrutiny in recent months from officials in countries from the United States and the United Kingdom to Thailand, Malaysia and Japan.

On June 26, the Financial Conduct Authority (FCA) warned consumers that Binance Markets, a subsidiary of “B i n a n c e”, is not permitted to conduct any regulated activity in the UK.

In a statement, “B i n a n c e” said: “As stated by the Financial Conduct Authority; Binance Markets has fully adhered to all aspects of its requirements. We continue to work with the FCA to resolve any outstanding issues that may exist. As the cryptocurrency ecosystem continues to grow and develop; We are committed to working with regulators and policy makers to develop policies that protect consumers, encourage innovation and move our industry forward.”

The Financial Times reported this note earlier.