Binance Cancels UK Registration Amid Heightened Regulatory Scrutiny

A regional manager stated that Binance’s deregistration with the FCA did not affect their operations, as they had never conducted business in the United Kingdom.
Binance Cancels UK Registration Amid Heightened Regulatory Scrutiny

By growing resistance from global regulators, cryptocurrency exchange Binance is continuing its withdrawal from major markets.

The Financial Conduct Authority (FCA) has announced the official cancellation of registration for Binance Markets Limited (BML), Binance’s subsidiary based in the United Kingdom.

The FCA stated on its website that no Binance entity is authorized to offer services in the United Kingdom following the deregistration.

On May 30, 2023, the FCA completed the cancellation request of BML’s permissions with the authority, according to official reports.

In an update on June 7, the regulator mentioned, “After completing the cancellation of permissions, the firm is no longer authorized by the FCA.”

The cancellation of BML’s registration did not have any operational impact on Binance. A regional manager at Binance, Ilir Laro reportedly stated that the exchange had never conducted operations in the country. 

In addition, Laro took to Twitter on Sunday to highlight that Binance still maintains regulatory compliance through five countries in Europe, namely France, Italy, Spain, Poland, and Sweden. 

“As MiCA comes into effect in 2024/5, we are focusing on preparation, which involves consolidation for seamless operations throughout Europe,” he noted. Mica is the regulatory framework for crypto businesses to comply in Euroe.

Binance had previously encountered regulatory issues in the United Kingdom. In 2021, the FCA instructed Binance to halt all regulatory activities in the country.

These developments come shortly after Binance’s chief strategy officer, Patrick Hillmann, expressed the company’s commitment to regulatory compliance in the United Kingdom.

Also Read: Crypto Giant Binance Exits Cyprus, Embraces EU Opportunities

As reported earlier, Binance is currently facing two civil lawsuits from U.S. regulatory bodies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.

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