Binance, the troubled cryptocurrency exchange, continues to face regulatory challenges and has withdrawn from major markets as a result. Binance Markets Limited (BML), the company’s subsidiary in the United Kingdom, has officially canceled its registration with the Financial Conduct Authority (FCA).
The FCA confirmed that Binance’s cancellation request of BML’s permissions was completed on May 30, 2023. As a result, no entity associated with Binance is authorized by the FCA to provide services in the UK. The cancellation of BML’s registration did not impact Binance’s operations, as the subsidiary had not been operational in the country.
Ilir Laro, Binance’s sub-regional manager for growth in the UK and Europe, stated that BML had never conducted any regulated business in the UK. He mentioned that BML was acquired by Binance in 2020 with the intention of launching a regulated business in the UK, but that attempt was unsuccessful, and BML has since remained dormant.
Laro clarified on Twitter that Binance still holds five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. He also mentioned that Binance is consolidating its operations to comply with the upcoming MiCA regulations, which will require a passporting process throughout Europe.
This news follows Binance’s previous regulatory issues in the UK, including the FCA ordering the exchange to cease all regulated activities in the country in 2021. Binance is currently facing civil lawsuits from US regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Despite these challenges, Binance’s chief strategy officer, Patrick Hillmann, recently expressed the company’s commitment to regulatory compliance in the UK, while the exchange faces issues in the United States.
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