Binance, the world's largest cryptocurrency exchange, cannot conduct “regulatory activity” in the U.K. under the authority of the Financial Conduct Authority (FCA).

The FCA is warning citizens about making investments with the company and to be wary of promising returns on investments customers believe they can make. Binance announced that the FCA ruling will have no direct impact on the service it provides with its website.

Binance is not based in the U.K., so the FCA proclamation will have no impact on residents living there who use the website to buy and sell cryptocurrencies such as bitcoin.

The FCA does not regulate cryptocurrencies but they do require exchanges to register. Binance is not registered with the FCA, so the company is not allowed to operate as an exchange in the U.K.

Binance is a centralized exchange program, based in the Caymon Islands, that offers potential customers services such as buying and selling cryptocurrencies, digital wallets, and savings accounts.

According to the FCA, Binance Markets Limited (BML), which is owned by Binance Group, is not permitted to undertake any regulated activity in the U.K. The FCA said it wants to send strong signals the risks involved with investing in cryptocurrencies, including potential illicit activity. The FCA is also forbidding Binance from all forms of advertising by Wednesday.

The FCA is advising U.K. customers to make sure a cryptocurrency company is registered, and if not, they should consider withdrawing their assets immediately. However, the FCA can’t stop people from buying and trading cryptocurrencies; it can only send out red flags when deemed necessary. 

Binance has also been the subject of a probe by the Securities and Exchange Commission (SEC), specifically by officials dealing with money laundering and tax crimes. The SEC issued a similar warning to customers in the U.S. on Saturday.

Binance announced it is pulling out of Ontario, Canada, because the Ontario Exchange Commission (OEC) accused it of failing to comply with regulations. Binance also received a warning from Japan’s Financial Services Agency, for the second time in three years, that it is operating without the country's permission  

Mark Walker, a technology entrepreneur, says the FCA is taking “a blunt approach,” claiming it’s like banning the internet in the 1990s. 

Nick Saponaro, a longtime cryptocurrency investor, says that it is common for cryptocurrency companies to move jurisdictions.

“If the regulations don’t suit their needs, they just move operations,” he said.