Binance Subsidiary Requests To Unregister In UK FCA Before War With SEC

Key Points:

• The Binance subsidiary requested to cancel its application to operate with the UK FCA at the end of May.
• Unsubscribing will have no effect as it has never started providing the service and therefore has no users.
• The subsidiary was initially expected to become a UK licensed business.

According to Finance Magnates, the registration of Binance’s subsidiary Binance Markets Limited (BML) in the UK FCA has been officially revoked at the company’s request.

Right now, no Binance entity has any UK operating license.

“Binance Markets Limited has recently submitted a cancellation request of their FCA permissions which was completed on 30 May 2023,(…). Following the completion of the cancellation of permissions, 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.” an update from the FCA stated.

Ilir Laro, Binance’s regional head of growth for the UK and Europe, noted that deregistering BML will not affect operations as it has never conducted any business. BML was initially expected to become a licensed business in the UK, but it did not materialize

Currently, the world’s largest cryptocurrency exchange is facing regulatory pressure amid intense SEC lawsuits against the exchange. It was also recently reported that its French branch is also receiving investigations into allegations of providing ‘illegal’ cryptocurrency services and money laundering.

However, soon after that, CEO Changpeng Zhao (CZ) immediately denied FUD and said it was just a “surprise visit” by the local agency. He pledged that Binance France remains the company’s ‘leading hub in Europe’.

Last Friday, the exchange announced its departure from the Netherlands after failing to secure a license to provide virtual assets services. The exchange has also applied to cancel its Cyprus license, stating that it wants to focus its efforts on “fewer regulated entities in the EU”.

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