The U.K.’s Financial Conduct Authority has ordered the world’s largest cryptocurrency exchange by volume to cease regulated activities in the country, issuing a consumer warning about the firm, which is reportedly registered in the Cayman Islands. (Financial Times, The Logic)

Talking point: The number of jurisdictions where Binance can conduct business is declining amid regulatory scrutiny. On Friday, Binance announced it would exit Ontario amid a crackdown in the sector by Canadian securities regulators. That same day, Japan’s financial regulator issued a warning that was similar to the U.K.’s, saying Binance was not registered to do business there. Other large foreign cryptocurrency-exchange platforms are expected to pull out of the Canadian market rather than expending the necessary resources to register with securities regulators or risk enforcement action. In the U.K., where a similar regulatory effort is underway, many crypto firms are withdrawing their registration applications.