Binance Cancels Registration with UK FCA

According to the UK Financial Conduct Authority (FCA)’s update, Binance Markets Limited, the UK branch of the cryptocurrency exchange Binance, has submitted a cancellation request of its FCA permissions which was completed on 30 May 2023.

Now, no other entity in the Binance Group holds any form of UK authorisation or registration to conduct regulated business in the UK.  

Back in last June, the British regulator has issued a warning against Binance Markets Limited, stating that the arm undertook regulated activities without the prior written consent of the FCA.

"Binance Markets Limited was successfully acquired back in 2020 by Binance Group, intended to launch a regulated business in the UK. This attempt was not successful, however, and has since then remained dormant since its acquisition," Ilir Laro, Binance's Sub-Regional Manager for Growth in the UK and Europe, pointed out.

"To clarify, Binance Markets Limited has never conducted any type of regulated business in the UK. In keeping with the FCA's firms guidance on canceling unused FCA permissions, Binance Markets Limited is now no longer authorized by the FCA."

Just last week, Binance asked for its Cyprus unit's registration as a crypto service provider to be rescinded, in order to focus on meeting the requirements of the European Union's Markets in Crypto Assets (MiCA) legislation.

Besides, the crypto firm will exit the Dutch market ​after a bid to obtain a virtual asset service provider license failed.