- The UK regulator had ordered Binance to halt all regulatory activity in the country by 2021.
- Binance faced problems in European countries following the SEC enforcement action in the US
The UK Financial Regulatory Authority has multiple authorizations revoked granted to Binance’s [BNB] UK division at the request of the company.
Binance Markets Limited, Binance’s UK-based division, had several clearances from the UK’s Financial Conduct Authority (FCA) for “activities it has never conducted or offered”.
They also confirmed that the company had asked for those permissions to be revoked.
Since it was unlikely that these permissions would be needed in the future, the company decided it would be better to terminate them on the advice of the regulator.
This decision does not affect Binance.com, which does not own or operate crypto services in the UK. It is only available to UK clients on a reverse solicitation basis.
Binance’s chief strategy officer Patrick Hillmann had only recently expressed his company’s commitment to being regulated in the UK
The FCA did ordered Binance will halt all regulatory activity in the country in 2021. The regulator had noted that the company was “unable to provide effective oversight”.
Binance in trouble in several countries
Earlier this month, the Securities and Exchange Commission (SEC), the financial regulator in the United States, archived thirteen cases against Binance.US and its founder, Changpeng “CZ” Zhao. The charges include offering unregistered securities, circumventing regulators, misusing client funds and wash-trading.
Binance too withdrew its registration with a Cypriot regulator, stating it was focusing its efforts in fewer European jurisdictions as the new EU Markets in Crypto Assets (MiCA) law comes into effect. Meanwhile too announced his departure from the Netherlands after he has not received legal permission there.
So are the French authorities to research Binance for allegedly unauthorized customer acquisition and aggravated money laundering.
