UK Regulatory Scrutiny Leads Binance to Cancel Registration

Binance Withdraws from Major Markets

Binance, the beleaguered cryptocurrency exchange, is continuing to pull out of major markets as a result of the ongoing resistance from international regulators.

BML, Binance’s United Kingdom-based subsidiary, has officially withdrawn its registration with the Financial Conduct Authority (FCA).

After being deregistered, none of the Binance entities have been given permission by the FCA to provide any services in the United Kingdom, as the regulator has specified on its website.

The FCA has confirmed that they accepted Binance’s request to cancel BML’s permissions with them on May 30, 2023.

“The FCA noted in an update on June 7 that, upon the completion of the revocation of permissions, the firm was no longer authorized by the FCA.”

The regional manager at Binance reportedly declared that the annulment of BML’s registration had no effect on Binance’s operations, as it had never operated in the country.

Ilir Laro, Binance’s sub-regional manager for growth in the U.K. and Europe, asserted that BML has never engaged in any type of regulated activities in the United Kingdom. He further stated:

Binance’s Regulatory Issues in the UK and US

On Sunday, Laro took to Twitter to emphasize that Binance has five regulated entities in Europe, such as France, Italy, Spain, Poland and Sweden. He further mentioned that in preparation for MiCA coming into effect in 2024/5, they are consolidating in order to have a presence in all of Europe.

Binance has reportedly been under investigation in France since February 2022.

The executive also explained the rationale for Binance’s withdrawal from regulatory requirements in countries such as Cyprus, the Netherlands and Nigeria.

In 2021, the Financial Conduct Authority (FCA) ordered Binance to cease all regulatory operations in the United Kingdom due to prior regulatory issues.

The announcement follows shortly after Patrick Hillmann, the Chief Strategy Officer of Binance, declared the firm’s dedication to being regulated in the UK, in light of the issues they are currently facing in the United States. It has been reported that Binance is subject to two civil suits from US regulators, the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The magazine states that Bitcoin is heading towards a commitment of achieving ‘Net Zero’.