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The Financial Conduct Authority took action Tuesday to block Binance, the world’s largest cryptocurrency exchange, from relaunching in Britain after denying the company a license under U.K. anti-money laundering regulations last year.

Binance, which the FCA found did not have effective AML controls in place or allay concerns over its complex corporate structure when it applied for a license, announced Friday that it had partnered with Rebuildingsociety.com, a local, peer-to-peer lending platform, to begin operating in Britain through a separate regulatory regime.

“Rebuildingsociety.com is an FCA-regulated firm which is authorized to approve crypto-marketing and -communications materials,” Binance stated Friday. “This partnership and new domain means that we can offer services in the U.K. in compliance with the updated Financial Promotions Rules.”

But the FCA appeared to close the door on Binance’s plan Tuesday by barring its new partner “from approving crypto-asset financial promotions” pursuant to the rules, which aim to protect U.K. residents from “misleading and harmful” investments.

“The FCA can impose requirements on a firm … to advance one or more … operational objectives, which includes securing an appropriate degree of consumer protection,” the agency stated.