- The cancellation of BML registration had no operational impact on Binance
- The company had previously left the Netherlands and Cyprus
The Binance cryptocurrency exchange continues to leave major markets. A subsidiary of the global exchange, Binance Markets Limited (BML), has officially cancelled its registration with the Financial Conduct Authority (FCA).
The company has never done business in the country, so the deregistration had no operational impact. A Binance spokesperson said that BML had various FCA permits for activities it never conducted or offered in the country:
“Binance Markets Limited has decided to cancel these permits in accordance with the FCA’s renewal recommendations because it believes they probably will not be needed in the future. This decision has no impact on the Binance.com platform, as it does not own or operate any cryptocurrency services in the UK. It is only available to UK consumers on a reverse attraction basis.”
Ilyr Laro, Binance’s cross-regional development manager for the UK and Europe, said that the company continues to own five regulated entities in Europe, particularly in France, Italy, Spain, Poland and Sweden.
“Given the entry into force of MiCA in 2024/2025, our company is focusing on preparations involving some consolidation for passporting across Europe,” he said.
Few days ago the cryptocurrency exchange Binance announced it had filed to deregister its Cyprus unit as a crypto-service provider and that it has no operations in Nigeria. And on June 16, the exchange announced that it was forced to withdraw from the Dutch market.