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Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid continued opposition from global regulators.
Binance Markets Limited (BML), the UK subsidiary of Binance, has officially canceled its registration with the Financial Conduct Authority (FCA).
Following the deregistration, none of the Binance entities are further authorized by the FCA to provide any services in the United Kingdom, according to the regulator’s website.
According to the FCA, on May 30, 2023, the authorities finalized Binance’s request to revoke BML permissions.
“After the deregistration is completed, the firm is no longer authorized by the FCA,” the regulator noted in a June 7 update.
The deregistration of BML reportedly did not affect Binance as it has never operated in the country, the Binance regional manager said.
Ilir Laro, Binance’s UK and Europe Sub-Regional Development Manager, claims that BML has never done “any regulated business” in the United Kingdom. He added:
“BML was successfully acquired back in 2020 by the Binance group, dedicated to launching a regulated business in the UK. However, this attempt was unsuccessful and has since remained dormant since its acquisition.”
On Sunday, Laro took to Twitter to also point out that Binance still owns five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. “As MiCA comes into force in 2024/5, we will focus on preparations, which means some consolidation for passportization across Europe,” he said.
Related: Binance Under Investigation in France Since February 2022: Report
The CEO also mentioned the reason behind Binance’s regulatory waivers in countries such as Cyprus, the Netherlands, and Nigeria.
Some more FUD. Let’s address it:
Cyprus – we have withdrawn our VASP registration as we prepare for MiCA
Holland – we have stopped offering services due to not obtaining a local license
Nigeria – the complaint is against “Binance Nigeria Limited” which is not owned by Binance
— Ilir Binance (@ilir_laro) June 18, 2023
Binance has previously had some regulatory issues in the United Kingdom. In 2021, the FCA ordered Binance to cease all regulatory activity in the country.
The news comes shortly after Binance Chief Strategy Officer Patrick Hillmann announced the company’s commitment to regulation in the UK amid Binance’s troubles in the United States. As previously reported, Binance is facing two civil lawsuits from US regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.