Binance Cancels Its UK Registration Due To Regulatory Scrutiny

June 19, 2023

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According to a regional manager, Binance’s deregistration with the FCA had no practical consequence because it has never done business in the United Kingdom. Binance, the troubled cryptocurrency exchange, continues to withdraw from major regions in the face of mounting regulatory pressure worldwide. Binance Markets Limited (BML), Binance’s subsidiary in the United Kingdom, has formally canceled its registration with the Financial Conduct Authority (FCA). The FCA noted on its website that after deregistration, no Binance company is authorized to provide any services in the United Kingdom.

According to the FCA, on May 30, 2023, the authority finalized Binance’s revocation request of BML’s permits with the authority. “Following completion of the cancellation of permissions, the firm is no longer authorized by the FCA,” the regulator said in a June 7 report. According to a regional manager at Binance, the termination of BML’s registration had no operational impact on Binance because the company had never been operating in the country.

Binance’s sub-regional manager for expansion in the United Kingdom and Europe, Ilir Laro, said that BML has never performed “any type of regulated business” in the United Kingdom. He also stated that Binance Group successfully bought BML in 2020 with the intention of launching a regulated firm in the UK.

Binance’s regulatory retreats in Cyprus, the Netherlands, and Nigeria were also discussed by the CEOs. Binance previously encountered regulatory issues in the United Kingdom. The FCA has ordered Binance to discontinue all regulatory activities in the country by 2021.

Following Binance’s issues in the United States, Binance’s chief strategy officer Patrick Hillmann declared the company’s aim to get regulated in the United Kingdom. As previously reported, Binance is facing two legal actions from US regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.

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