Binance cancels UK registration
The cancellation of the UK registration comes as Binance faces increasing attention from US regulators.
The world’s biggest crypto exchange Binance has cancelled its UK registration amid mounting pressure from US regulators.
Binance Markets Limited (BML), the UK division of Binance, has requested to withdraw its permissions with the FCA.
The move follows Binance, which was set up in 2017, being banned from all UK-regulated activity in 2022, amid a broader crackdown on the crypto industry’s potential role in fraud and money laundering.
Binance said its withdrawal was ensuring it complied with FCA guidelines on unused permissions.
It means that Binance “can no longer provide regulated activity and products,” in the UK, according to the FCA.
The UK division was launched in 2020, with the launch binance.co.uk but the launch failed and the UK division never provided any services or had any users.
Binance UK customers can use the Binance.com website, which is based offshore.
The crypto exchange is regulated in European markets including France, Italy and Spain. But it has retreated from other markets including Cyprus and the Netherlands.
Binance has no fixed headquarters, instead relying on a network of affiliated organisations that link with financial groups in different countries.
The move by Binance comes as it faces pressure from US regulators.
The crypto exchange was sued this month by the US Securities Exchange Commission, which said it had violated securities laws by operating. Illegally in the US.
According to the Daily Telegraph, UK regulators continue to have concerns about Finance. The FCA has previously said that Binance posed a “risk to consumers”.
Binance said the move had no impact on its UK users or its plans in the UK.
Binance said: “We still have every intention of registering with the FCA to ensure regulatory adherence.”