The world's biggest cryptocurrency exchange, Binance, has been banned by the UK's financial regulator.

The Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any "regulated activity" in the UK as well as issuing a warning advising people to be wary of adverts promising high returns on crypto-asset investments.

Despite the ban, Binance insisted that the ban would have no "direct impact" on the services or on

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As the exchange is not UK-based, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies. 

Binance has not registered with the FCA, and while the FCA  does not regulate cryptocurrencies, it requires exchanges to register with them.

The FCA has said that Binance Markets Limited (BML) is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. 

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The company, owned by the Binance Group is currently registered in the Caymen Islands and offers online centralised exchange including purchasing and trading a wide range of digital currencies.

It has until Wednesday to comply with the ruling.