Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid continued pushback from global regulators.
Binance Markets Limited (BML), the UK-based subsidiary of Binance, has officially deregistered with the Financial Conduct Authority (FCA).
After deregistration, the FCA does not authorize any Binance entity to provide any services in the UK, the regulator fixed on your website.
According to the FCA, the authority completed Binance's request for cancellation of the BML permits with the authority on May 30, 2023.
โFollowing the completion of the cancellation of the permits, the company is no longer authorized by the FCA,โ the regulator noted in an update on June 7.
BML's deregistration had no operational impact on Binance as it had never been operational in the country, a Binance regional manager reported. saying.
Ilir Laro, Binance's sub-regional manager for growth in the UK and Europe, argued that BML has never conducted "any type of regulated business" in the UK. He added:
โBML was successfully acquired in 2020 by Binance Group, with the intention of launching a regulated business in the UK. However, this attempt was unsuccessful and it has since remained inactive since its acquisition.
Laro took to Twitter on Sunday to also point out that Binance still has five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. โAs MiCA comes into effect in 2024/5, we are focusing on preparing, which means a bit of passport consolidation across Europe,โ he said. noted.
Related: Binance Under Investigation In France Since February 2022: Report
The executive also mentioned the reasoning behind Binance's regulatory withdrawals in countries like Cyprus, the Netherlands, and Nigeria.
A little more FUD. Let's tackle it:
Cyprus: We have withdrawn our VASP registration as we prepare for MiCA
The Netherlands - we have stopped offering services due to failure to obtain a local license
Nigeria: Complaint is against โBinance Nigeria Limitedโ, which is not owned by Binance
โ Ilir Binance (@ilir_laro) June 18, 2023
Binance previously had some regulatory issues in the UK. In 2021, the FCA ordered Binance to stop all regulatory activities in the country.
The news comes shortly after Binance Chief Strategy Officer Patrick Hillmann expressed the company's wish commitment to be regulated in the UK in the midst of Binance's problems in the United States. As previously reported, Binance is facing two civil lawsuits from US regulators, including the National Stock Market Commission and the Commodity Futures Trading Commission.
Magazine: Bitcoin Is On A Collision Course With 'Net Zero' Promises
Post navigation
