The Financial Conduct Authority has announced cancelling Binance’s authorisation in the UK upon the global crypto exchange’s request. Now none of the entities in the Binance Group holds approval to operate in the country.
The FCA stated:
Binance Markets Limited has recently submitted a cancellation request of their FCA permissions which was completed on 30 May 2023
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.
Binance recently withdrew its registration as a crypto service provider in Cyprus, saying it was focusing “on fewer regulated entities in the EU.” The exchange also announced exiting the Netherlands.
Additionally, the company is facing legal trouble in the US with a lawsuit from the Securities and Exchange Commission for operation of an unregistered trading platform. Reports surfaced last week that French authorities are investigating Binance unit in France for “illegally” providing digital asset services and “acts of aggravated money laundering.”
The FCA banned Binance from undertaking any regulated activity in the UK in June 2021.
