Binance Markets Limited did not launch its services and had zero consumers.

The FCA demanded that Binance cease all UK regulatory efforts in 2021.

The UK Financial Conduct Authority (FCA) has granted the request to deregister Binance Markets Limited (BML) made by the world’s biggest crypto exchange, Binance. Due to increased scrutiny from authorities, Binance Markets Limited did not launch its services and had zero consumers.

Binance, a popular cryptocurrency exchange, is having further problems as it pulls out of the Dutch and Cyprus markets recently due to regulatory uncertainties.

No Longer Authorized by FCA

Binance Markets Limited’s deregistration with the UK’s Financial Conduct Authority (FCA) was finalized on May 30. There is currently no other Binance company that has FCA authorization to provide regulated services in the UK.

The authorities stated:

“Following the completion of the cancellation of permissions, the firm is no longer authorized by the FCA. No other entity in the Binance Group holds any form of UK authorization or registration to conduct regulated business in the UK.”

Since Binance Markets Limited never provided any services and had no users, its deregistration does not affect Binance operations, according to Ilir Laro, sub-regional manager for growth in the UK and Europe at Binance.

Laro further added:

“BML was successfully acquired back in 2020 by Binance Group, intended to launch a regulated business in the UK. This attempt was not successful, however, and has since then remained dormant since its acquisition.”

Since launching its cryptocurrency service in 2020, Binance has been at odds with UK officials. The Financial Conduct Authority demanded that Binance cease all UK regulatory efforts in 2021.

Despite the company’s problems in the United States, Binance’s chief strategy officer Patrick Hillmann recently stated the company’s intention to become regulated in the United Kingdom.

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Filed under: Bitcoin - @ June 19, 2023 4:08 pm