Binance representative claims that attempts to "launch a regulated business in the UK" were unsuccessful.
Binance, the largest cryptocurrency exchange in terms of daily trading volumes, is progressively retracting from major global jurisdictions in the wake of stringent regulations.
The latest to be affected is Binance Markets Limited (BML), a United Kingdom-based subsidiary, which has willingly canceled its registration with the local Financial Conduct Authority (FCA).
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The FCA confirmed that the regulator no longer approves any Binance entity to offer services within the UK. According to the documents, BML was officially deregistered from the UK on May 30th, 2023.
Following the completion of the cancellation of permissions the firm is no longer authorised by the FCA.
The sub-regional manager for growth in the UK and Europe at Binance, Ilir Laro, clarified that BML's deregistration hasn’t affected Binance's operations since the subsidiary never really functioned in the UK.
BML was successfully acquired back in 2020 by Binance Group, intended to launch a regulated business in the UK. This attempt was not successful, however, and has since then remained dormant since its acquisition.
Laro used social media to elucidate that Binance maintains five regulated entities across Europe, including nations like France, Spain, Poland, Italy, and Sweden. Commenting on Binance's decision to walk away from the UK, Laro noted:
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.
At the time of writing, all tweets regarding the matter were deleted.
It is worth noting that Binance is currently dealing with two civil lawsuits from US regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
However, Binance's actions are a clear indication that the crypto giant is willing to adapt and conform to the ever-changing regulatory landscape across the globe.
