Binance said in a June 19 email shared with CryptoSlate that the exchange’s UK subsidiary, Binance Markets Limited (BML), has canceled its registration with the country’s Financial Conduct Authority (FCA).
Binance does not have an authorized entity in the UK
According to the spokesperson, BML had several FCA clearances for activities it never performed or offered in the UK. It added:
“As it is unlikely that these permissions will be required in the future, Binance Markets Limited has decided that it would be prudent to cancel them in line with the FCA’s recommendations to keep them up to date.”
The regulator’s website confirmed that the company “nno longer authorized” as of May 30. FCA stated:
“This company can no longer provide regulated activities and products, but was previously authorized by the FCA and/or PRA.”
The FCA’s website further reveals that Binance no longer has an authorized entity in the UK
Meanwhile, the cancellation of BML’s registration did not affect Binance as it never operated in the country. The spokesperson said:
“This decision does not affect Binance.com, which does not own or operate crypto services in the UK and is only available to UK consumers on a reverse recruitment basis.”
In 2021, the FCA warned that Binance was prohibited from doing business in the UK. The regulator also expressed concern over a partnership agreement the exchange entered into in 2022.
European exodus
The latest withdrawal from the UK continues Binance’s wave of unsubscriptions from various European markets.
Last week, Binance left two European countries, the Netherlands and Cyprus.
The exchange was unable to secure registration as a virtual asset service provider (VASP) in the Netherlands. At the same time, it left Cyprus as part of its efforts to focus on its larger market in other European countries such as France.
Binance’s sub-regional manager for growth in the UK and Europe, Ilir Laro, said the company already has five regulated entities in France, Italy, Spain, Poland and Sweden. Laro added:
“As MiCA comes into effect in 2024/5, we are shifting focus to preparations, which means some consolidation to get passport across Europe.”
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