After leaving Cyprus and the Netherlands, Binance says goodbye to the UK. According to the Financial Conduct Authority (FCA), the local branch of the exchange has withdrawn its application for registration, meaning it is unable to offer its services in the UK. Recently, Binance announced that it wanted to focus on only a few key countries within Europe.
Binance separates from the UK
Binance continues to break away from the European market: after leaving Cyprus and the Netherlands, the exchange now bids farewell to the UK.
According to the website of the Financial Conduct Authority (FCA), the British regulatory body, Binance’s local subsidiary would have obtained the cancellation of its registration request on May 30. The number 1 international cryptocurrency exchange is therefore definitely unable to offer its services in the United Kingdom and has never been, since it has never been operational before.
According to Ilir Laro, the local manager of Binance, the local subsidiary of the exchange had actually not yet carried out any operation so far :
“BML was successfully acquired in 2020 by Binance Group, with the aim of launching a regulated business in the UK. However, this attempt was not successful and Binance Markets Limited (BML) has remained inactive since its acquisition. »
Binance had seen its chances of developing a local subsidiary dwindle a year ago, since the FCA had literally banned him from operating in the territory.
According to a letter sent by a Binance representative to our colleagues at CoinDesk, the exchange would have “ received certain authorizations from the regulator, but as it was unlikely that these authorizations would be needed in the future, Binance Markets Limited decided that it would be prudent to revoke them in accordance with the FCA’s recommendations to keep them up to date “.
This follows Binance’s recent decision to leave the Cypriot market, following which it announced that it wanted to ” focus on a reduced number of regulated entities in the European Union […]including France, Italy and Spain”. On a larger scale, Binance already announced its withdrawal from Canada at the beginning of last May.
👉 On the same subject – Binance France under judicial investigation: our questions to Stéphanie Cabossioras, the general manager of the exchange
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Source: Finance Magnates
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