Binance Cancels Inactive UK Unit Registration
A bitcoin exchange in trouble Binance continues to withdraw from major markets in the face of mounting regulatory pressure from around the world.
Binance Markets Limited (BML), Binance’s subsidiary in the United Kingdom, has formally cancelled its registration with the Financial Conduct Authority (FCA).
BML held various FCA permissions for activities that it “never carried out or offered in the UK,” according to a spokesperson for Binance, adding that “as these permissions were unlikely to be required in the future, Binance Markets Limited decided that it would be prudent to cancel them in line with the FCA’s recommendations to keep these updated.”
The FCA noted on its website that after deregistration, no Binance company is authorised to provide any services in the United Kingdom.
According to the FCA, the authority completed Binance’s cancellation request of BML’s permissions with the authority on May 30, 2023.
(With inputs from Shikha Singh)
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