Binance Markets Limited (BML), the UK subsidiary of Binance, has canceled its registration in FCA. This is stated on the website of the regulator.
The organization will not be able to provide any services in the United Kingdom.
Binance regional manager Ilir Laro, in a comment to Finance Magnates, said the decision had no impact on operations, as the firm had never run one.
“BML was acquired back in 2020 by the Binance group intending to launch a regulated business in the UK. However, this attempt was not successful, and [«дочка»] has been inactive since the acquisition,” Laro explained.
He also added that Binance still owns five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden.
For Europe, we already have 5 regulated entities: France, Italy, Spain, Poland, Sweden. As MiCA kicks into force in 2024/5, we are moving focus to getting ready which means some consolidating in order to passport throughout Europe.
— Ilir 🔶 Binance (@ilir_laro) June 18, 2023
On June 16, Binance announced its withdrawal from the jurisdiction of the Netherlands – the company was unable to obtain a license from local authorities.
The exchange previously withdrew its registration in Cyprus to focus on interacting with fewer regulators in Europe.
Recall that in June it became known that the French branch of Binance has been under preliminary investigation since February 2022 in connection with the alleged illegal provision of cryptocurrency services and non-compliance with anti-money laundering obligations.
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