Binance cancels registration in the UK amid regulatory scrutiny
Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid the ongoing pushback from global regulators.
Binance Markets Limited (BML), Binance’s United Kingdom-based subsidiary, has officially canceled registration with the Financial Conduct Authority (FCA).
After deregistration, none of the Binance entities is longer authorized by the FCA to provide any services in the United Kingdom, the regulator stated on its website.
According to the FCA, the authority completed Binance’s cancellation request of BML’s permissions with the authority on May 30, 2023.
“Following the completion of the cancellation of permissions the firm is no longer authorised by the FCA,” the regulator noted in an update on June 7.
The cancellation of BML’s registration did not have an operational impact on Binance as it had never been operational in the country, a regional manager at Binance reportedly said.
Ilir Laro, Binance's sub-regional manager for growth in the UK and Europe, argued that BML has never conducted “any type of regulated business” in the United Kingdom. He added:
Laro took to Twitter on Sunday to also point out Binance still holds five regulated entities in Europe, including France, Italy, Spain, Poland and Sweden. “As MiCA kicks into force in 2024/5, we are moving focus to getting ready which means some consolidating in order to passport throughout Europe,” he noted.
Related: Binance under investigation in France since February 2022: Report
The exec also mentioned the reasoning behind Binance’s regulatory retreats in countries like Cyprus, the Netherlands and Nigeria.
Some more FUD. Let's address it:Cyprus - we have withdrawn our VASP registration as we prepare for MiCAHolland - we have stopped offering
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