Binance Markets Limited (BML), the UK subsidiary of the cryptocurrency exchange Binance, has officially deregistered it with the country’s Financial Conduct Authority (FCA). As a result, the company “can no longer provide regulated activities and products” in the UK, based on regulator.

According to one renew on the FCA website, dated June 7, registration has been withdrawn at the company’s request. “It was completed on May 30, 2023 and is reflected in the FCA Register.”

“Once the license revocation is complete, the company will no longer be authorized by the FCA,” said the UK’s financial regulator. “No other Binance Group entity has any form of authorization or registration in the UK to conduct UK regulated business.”

What is Binance Markets Limited?

At the time, a Binance spokesperson told Decryption that the company was acquired to help launch binance.uk, a planned cryptocurrency exchange designed to serve UK consumers, similar to Binance’s US offering.

In June 2021, FCA issued a consumer advisory on Binance’s UK affiliate, although it remains inactive.

“Binance Markets Limited holds various FCA permits for activities that are never conducted or offered in the UK,” a Binance spokesperson told Decryption. “As this authorization is unlikely to be required in the future, Binance Markets Limited decided it would be prudent to withdraw it in accordance with FCA recommendations to keep it current.”

According to the exchange, this decision has “no impact” on global trading platform Binance.com, as it “no longer owns or operates cryptocurrency services in the UK and is only available to UK consumers on a reverse request basis.” ” .

Binance and regulators

The news comes amid regulatory challenges from the US Securities and Exchange Commission (SEC), which filed a lawsuit against the exchange in early June alleging it had violated US securities laws. In addition, French authorities announced that they were investigating exchanges for offenses including “aggravated money laundering”.

Last week, Binance also announced plans to withdraw from Cyprus, with a spokesperson for the exchange saying Decryption that it is focusing “efforts on fewer regulated entities in the EU.”

Previously, the exchange announced the termination of its operations in the Netherlands after failing to obtain a Virtual Asset Service Provider (VASP) license.