Binance withdraws registration in the United Kingdom in response to increased regulatory scrutiny.
Jun 19, 2023
Binance's recent deregistration with the Financial Conduct Authority (FCA) in the United Kingdom has garnered attention amidst its ongoing challenges with global regulators. Binance Markets Limited (BML), the UK-based subsidiary of Binance, officially announced the cancellation of its registration with the FCA.
The FCA clarified that no Binance entity is authorized to offer services in the UK following the deregistration, as stated on its website. The FCA confirmed that Binance's cancellation request for BML's permissions was completed on May 30, 2023.
Although the cancellation of BML's registration had no operational impact on Binance, according to a regional manager at Binance, it is worth noting that Binance never conducted any regulated business in the UK. BML, which was acquired by Binance Group in 2020 with the intention of launching a regulated business in the UK, remained dormant since the acquisition due to unsuccessful attempts.
Ilir Laro, Binance's sub-regional manager for growth in the UK and Europe, emphasized on Twitter that Binance still maintains five regulated entities in Europe, namely France, Italy, Spain, Poland, and Sweden. He further mentioned that Binance is focusing on preparing for the implementation of the Markets in Crypto-Assets Regulation (MiCA) in 2024/2025, requiring some consolidation to facilitate passporting throughout Europe.