Title: Binance’s UK Subsidiary Cancels Registration with FCA Amid Regulatory Challenges
Subtitle: Binance Markets Limited (BML) withdraws from the UK market as regulatory hurdles persist
Date: June 19, 2023
Binance Markets Limited (BML), the UK subsidiary of cryptocurrency exchange Binance, has officially canceled its registration with the Financial Conduct Authority (FCA). The decision comes as Binance faces ongoing regulatory challenges in various jurisdictions. The FCA confirmed the cancellation on its website, stating that BML will no longer be able to provide any services in the United Kingdom.
According to Binance Regional Manager Ilir Laro, the cancellation of BML’s registration will not impact the firm’s operations, as the subsidiary had been inactive since its acquisition by Binance in 2020. Laro explained that BML was initially acquired with the intention of launching a regulated business in the UK, but the attempt was unsuccessful.
Despite the withdrawal from the UK market, Binance still maintains five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. Laro emphasized that Binance is focusing on preparing for the implementation of the Markets in Crypto-Assets Regulation (MiCA) in 2024/2025, which requires consolidating operations to facilitate passporting throughout Europe.
This announcement follows Binance’s recent withdrawal from the Netherlands, where the company was unable to obtain a license from local authorities. Binance had also previously withdrawn its registration in Cyprus, opting to interact with fewer regulators in Europe.
It is worth noting that Binance’s French branch has been under preliminary investigation since February 2022 for alleged illegal provision of cryptocurrency services and non-compliance with anti-money laundering obligations. The investigation highlights the increasing scrutiny faced by cryptocurrency exchanges from regulatory bodies worldwide.
As Binance continues to navigate regulatory challenges, the cancellation of BML’s registration with the FCA underscores the complexities and evolving landscape of the cryptocurrency industry. Binance remains committed to complying with regulations in the jurisdictions where it operates, while also adapting its business strategy to ensure continued growth and expansion in the global market.
is binance regulated in eu
Binance’s UK subsidiary, Binance Markets Limited (BML), has decided to cancel its registration with the Financial Conduct Authority (FCA), signaling its withdrawal from the UK market. This move comes as Binance faces ongoing regulatory hurdles across different countries. The FCA has confirmed the cancellation on its website, stating that BML will no longer be able to provide services in the United Kingdom.
According to Ilir Laro, Binance’s Regional Manager, this cancellation will not have a significant impact on the company’s operations, as BML had been inactive since its acquisition by Binance in 2020. BML was initially acquired with the intention of establishing a regulated business in the UK, but those plans did not materialize successfully.
Despite the withdrawal from the UK market, Binance still maintains five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. Laro emphasized that Binance is now focusing on preparing for the implementation of the upcoming Markets in Crypto-Assets Regulation (MiCA), set to take effect in 2024 or 2025. MiCA requires consolidation of operations to facilitate passporting throughout Europe.
This recent development follows Binance’s withdrawal from the Netherlands, where the company was unable to secure a license from local authorities. Binance had also previously canceled its registration in Cyprus, opting for fewer regulatory interactions in Europe.
It is important to note that Binance’s French branch has been under preliminary investigation since February 2022 regarding alleged illegal provision of cryptocurrency services and non-compliance with anti-money laundering obligations. This investigation underscores the increasing scrutiny that cryptocurrency exchanges face from regulatory bodies worldwide.
As Binance continues to navigate through regulatory challenges, the cancellation of BML’s registration with the FCA highlights the complexities and evolving landscape of the cryptocurrency industry. Binance remains committed to compliance with regulations in the jurisdictions in which it operates while adapting its business strategy to ensure sustained growth and expansion in the global market.
It’s disappointing to hear that Binance UK subsidiary has had to cancel its FCA registration, as this means it won’t be able to provide services in the UK. It highlights the challenges that cryptocurrency exchanges face in navigating regulatory hurdles, hopefully, a resolution can be found soon.
It’s disappointing to see Binance’s UK subsidiary cancel its FCA registration, as it means they won’t be able to offer their services in the UK anymore. This may cause inconvenience for British customers who relied on Binance for their cryptocurrency needs.