The world's largest crypto exchange, Binance finally had to agree to cancel the registration of Binance Markets Limited (BML) despite having received the approval of the UK Financial Conduct Authority (FCA). So far, Binance Markets Limited has not offered services and has not yet had users due to higher scrutiny from regulators.
Problems for crypto exchange Binance continue to mount as Binance exits the Dutch and Cyprus markets amid regulatory challenges and uncertainty.
According to the FCA Authority, Binance's request to deregister Binance Markets Limited was completed on May 30. Currently, no Binance entity holds any authorization from the FCA to provide regulated services in the country.
“After the revocation of authorization is completed, the firm is no longer authorized by the FCA. No other entity in the Binance Group holds any form of UK authorization or registration to conduct regulated business in the UK.”
Ilir Laro, Binance's sub-regional manager for growth in the UK and Europe, said the deregistration of Binance Markets Limited had no impact on Binance's operations as it had never offered any services and had no users.
“BML was successfully acquired back in 2020 by Binance Group, aiming to launch a regulated business in the UK. This attempt was unsuccessful.”
In March, Binance also stopped withdrawals and deposits of Sterling for UK customers after its local partner Paysafe terminated its operating agreement.
Binance is currently facing lawsuits in the US, one by the Securities and Exchange Commission (SEC) and another by the Commodity Futures Trading Commission (CFTC). Binance recently withdrew the registration of the Cyprus crypto asset service provider (VASP). Crypto exchanges also stopped offering services in the Netherlands due to not obtaining a license.
