CriptoFácil – Cryptocurrency exchange Binance has canceled the registration of its UK subsidiary Binance Markets Limited (BML) with the Financial Conduct Authority (FCA). With that, Finance will no longer be a company to operate in the country.
“Binance Markets Limited has recently filed a request from the FCA to withdraw its permits, which are due to expire on May 30, 2023,” the FCA said in a note. “After revoking the permissions, the company will no longer be authorized by the FCA. No other company in the Binance Group has any form of UK authorization or registration to conduct regulated trades in the UK.
Finance is leaving countries in Europe
As CriptoFácil reports, in mid-2021, the FCA imposed requirements on Binance Markets Limited, prohibiting the company from carrying out any regulated activity in the country.
In announcing the delisting, Ilir Laro, Deputy Regional Manager for UK and Europe Development at Binance, highlighted that the cancellation had no impact on the process. This is because the subsidiary does not carry on any business in the UK.
According to Lauro, Binance Group acquired BML with the aim of launching a regulated business in the UK in 2020. However, this attempt failed and the unit was not operational.
“To clarify, BML does not carry on any regulated business in the UK. BML is no longer authorized by the FCA, in accordance with the FCA’s guidance on the cancellation of unused FCA authorizations.
SEC and CFTC Proceedings
This announcement comes at an important time for Binance. That’s because the exchange and its CEO, Changpeng Zhao (CZ), are facing lawsuits brought by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States.
The SEC specifically alleges, among other charges, trading securities without proper registration.
In light of this, Binance is reducing its presence in countries across Europe. Last week, for example, the exchange registered its regulated subsidiary in Cyprus.
Also, Binance decided to leave the Netherlands after failing to obtain a virtual asset service provider (VASP) license from Dutch regulators. The company’s French subsidiary is also reportedly facing an investigation.
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