Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid the ongoing pushback from global regulators.<\/p>\n
Binance Markets Limited (BML), Binance\u2019s United Kingdom-based subsidiary, has officially canceled registration with the Financial Conduct Authority (FCA).<\/p>\n
After deregistration, no Binance entity is authorized by the FCA to provide any services in the United Kingdom, the regulator stated on its website.<\/p>\n
According to the FCA, the authority completed Binance\u2019s cancellation request of BML\u2019s permissions with the authority on May 30, 2023.<\/p>\n
\u201cFollowing the completion of the cancellation of permissions the firm is no longer authorised by the FCA,\u201d the regulator noted in an update on June 7.<\/p>\n
The cancellation of BML\u2019s registration did not have an operational impact on Binance, as it had never been operational in the country, a regional manager at Binance reportedly said.<\/p>\n
Ilir Laro, Binance\u2019s sub-regional manager for growth in the U.K. and Europe, argued that BML has never conducted \u201cany type of regulated business\u201d in the United Kingdom. He added:<\/p>\n
\u201cBML 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.\u201d<\/p><\/blockquote>\n
Laro took to Twitter on Sunday to also point out that Binance still holds five regulated entities in Europe, including France, Italy, Spain, Poland and Sweden. \u201cAs MiCA kicks into force in 2024\/5, we are moving focus to getting ready which means some consolidating in order to passport throughout Europe,\u201d he noted.<\/p>\n