Bitcoin's price rose over 3% despite Britain’s financial regulator saying Binance may not conduct any regulated activity. In addition, reports said, it issued a warning to consumers about the platform.
The cryptocurrency hovered near $34,000 after crossing over $35,000 plateau early Monday.
The Financial Conduct Authority (FCA) filed a notice dated June 25 saying Binance Markets Ltd, Binance's only regulated UK entity, "must not, without the prior written consent of the FCA, carry out any regulated activities... with immediate effect," Reuters reported.
Binance said in a statement that Binance Markets, which it acquired in 2020, was not yet using its regulatory permissions, and that the FCA's move would not impact services offered on its Binance.com website.