Binance’s UK subsidiary withdraws FCA registration as European exodus continues Binance’s UK subsidiary withdraws FCA registration as European exodus continues
Binance no longer has an authorized entity in the U.K, according to the FCA website.
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Updated: Jun. 19, 2023 at 1:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance said in a June 19 email shared with CryptoSlate that the exchange’s United Kingdom subsidiary, Binance Markets Limited (BML), has canceled its registration with the country’s Financial Conduct Authority (FCA).
Binance has no authorized entity in the UK
According to the spokesperson, BML held various FCA permissions for activities it never carried out or offered in the U.K. It added:
“As these permissions were unlikely to be required in the future, Binance Markets Limited decided that it would be prudent to cancel them in line with the FCA’s recommendations to keep these updated.”
The regulator’s website confirmed that the firm was “no longer authorized” as of May 30. FCA stated:
“This firm can no longer provide regulated activities and products but previously was authorized by the FCA and/or PRA.”
The FCA’s website further shows that Binance no longer has an authorized entity in the U.K.
Meanwhile, BML’s registration cancellation did not impact Binance since it had never operated in the country. The spokesperson said:
“This decision has no impact on Binance.com, which does not own or operate any crypto services in the UK and is only available to UK consumers on a reverse solicitation basis.”
In 2021, the FCA warned that Binance was prohibited from conducting business in the U.K. The regulator also expressed concerns about a partnership deal the exchange entered into in 2022.
European exodus
The latest withdrawal from the U.K. continues Binance’s spate of deregistration from various European markets.
Last week, Binance exited two European countries, Netherlands and Cyprus.
The exchange failed to secure registration as a virtual asset service provider (VASP) in the Netherlands. At the same time, it left Cyprus as part of its efforts to focus on its larger market in other European countries like France.
Binance’s sub-regional manager for growth in the U.K. and Europe, Ilir Laro, said the firm already has five regulated entities in France, Italy, Spain, Poland, and Sweden. Laro added:
“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.”
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.