According to Binance’s regional development manager for the UK and Europe, Ilir Laro, the deregistration of Binance Markets had no impact on the operations of Binance Group, as the subsidiary did not conduct any activities.<br
“BML was acquired by Binance Group back in 2020 to launch a regulated business in the UK. However, in mid-2021, the FCA imposed restrictions on Binance Markets, prohibiting the company from conducting any regulated activities in the country. So our attempt to enter the U.K. market was unsuccessful because the company has been inactive since we acquired it,” Laro said.
According to market experts, following the revocation of BML’s license, the further implementation of parent company Binance’s intention to move its operations to Europe is in question, especially against the backdrop of the extremely negative reaction of U.S. regulators.
Recall that this year, Binance Group has already terminated the activities of its subsidiaries in Cyprus and the Netherlands.