Binance cancels UK regulator registration.
Binance Markets Limited, a UK subsidiary of Binance, has cancelled its registration with a UK regulator.
The Financial Conduct Authority confirmed this in an update on June 7th, stating that the subsidiary is no longer permitted to “undertake any regulated activity in the UK.”
The regulator stated in an update, “Following the completion of the cancellation of permissions the firm is no longer authorised by the FCA. No other entity in the Binance Group holds any form of UK authorisation or registration to conduct regulated business in the UK.”
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Binance did not immediately respond to a request for comment.
This news comes after Binance’s Chief Strategy Officer, Patrick Hillmann, said at the Financial Times’ crypto and digital assets summit in May that the company would do “everything we possibly can” to be regulated in the UK, according to the news site.
Around the world
Last week, the world’s largest crypto exchange announced that it was leaving the Dutch market after an unsuccessful attempt to obtain a virtual asset service provider from the Dutch regulator.
Also last week, Binance withdrew its application to be registered as a crypto service provider in Cyprus and said it was pulling back from the country to focus on complying with the new MiCA regulatory framework in the European Union, according to a statement sent to blockchain.
MiCA, or Markets in Crypto Assets, is Europe’s landmark crypto regulatory framework.
In the US, Binance is facing heat from regulators after being sued by the Securities and Exchange Commission earlier this month for their “blatant disregard of the federal securities laws,” along with 13 charges, including operating an unregistered exchange.
The SEC said that Binance CEO, Changpeng Zhao, and Binance knew that they were operating the Binance.com platform in violation of various US laws.
At the time, a Binance spokesperson told blockchain that the SEC’s charges came after “extensive cooperation and recent good-faith negotiations,” in an emailed statement.
“… despite our efforts at productive engagement, the SEC abandoned and denied us due process, and instead unilaterally chose to litigate,” the spokesperson said.