- Binance’s UK-based subsidiary Binance Markets Limited (BML) officially cancelled its registration with the Financial Conduct Authority (FCA).
- Following the cancellation, it was reported that any organization affiliated with Binance is not authorized to provide any services in the UK.
- Ilir Laro, the regional manager responsible for Binance’s growth in the UK and Europe, argued that BML has never conducted any “regulated business” in the UK.
Binance’s UK-based subsidiary Binance Markets Limited (BML) has cancelled its registration with the Financial Conduct Authority in the UK.
Binance Cancels Registration in the UK
As global regulators continue to exert pressure, cryptocurrency exchange Binance continues to withdraw from major markets. Binance’s UK-based subsidiary Binance Markets Limited (BML) officially cancelled its registration with the Financial Conduct Authority (FCA).
Following the cancellation, it was reported that any organization affiliated with Binance is not authorized to provide any services in the UK.
According to the FCA, the authority completed the cancellation request for BML’s permissions on May 30, 2023. The FCA stated, “After the cancellation of permissions, the firm is not authorized by the FCA.”.
The cancellation of BML’s registration did not have any operational impact on Binance, as the organization never became operational in the country.
Ilir Laro, the regional manager responsible for Binance’s growth in the UK and Europe, argued that BML has never conducted any “regulated business” in the UK. He also added:
“BML was successfully acquired by Binance Group in 2020 and was established to launch a regulated business in the UK. However, this initiative was not successful, and it has remained inactive since the date of acquisition.”
Laro stated that Binance still has five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. He stated, “When MiCA comes into effect in 2024 or 2025, we are focusing on preparing to obtain a passport across Europe.”
Binance had previously faced regulatory issues in the UK. In 2021, the FCA instructed Binance to cease all regulatory activities in the country.
These news came after Binance’s Chief Strategy Officer Patrick Hillmann expressed the commitment to regulate in the UK despite the company’s issues in the United States. As previously reported, Binance is facing two lawsuits from US regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
