Cryptocurrency exchange Binance continues to withdraw from major markets amid ongoing resistance from global regulators.
The deregistration of Binance in the FCA had no operational impact, as the company never conducted business in the UK, explained the regional manager.
Binance Markets Limited (BML), a UK-based subsidiary of Binance, has officially canceled its registration with the Financial Conduct Authority (FCA). Following the deregistration, no Binance division is authorized by the FCA to provide any services in the UK, the regulator stated on its website.
Ilir Laro, Binance's sub-regional manager for development in the UK and Europe, stated that BML never conducted any "regulated business" in the UK.
“BML was successfully acquired back in 2020 by Binance Group, intended to launch a regulated business in the UK. This attempt was not successful, however, and has since then remained dormant since its acquisition.”
The CEO also identified the reason for Binance's retreat from regulatory requirements in countries like Cyprus, the Netherlands, and Nigeria. Binance previously had some regulatory issues in the UK. In 2021, the FCA ordered Binance to cease all regulatory activities in the country.
The news surfaced shortly after Binance Chief Strategist Patrick Hillmann expressed the company's commitment to regulation in the UK amid Binance's issues in the U.S. As previously reported, Binance faced two civil lawsuits from U.S. regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.