Binance claimed that its deregistration with the FCA had no practical consequences since the company has never conducted any business in the United Kingdom.
Binance, a cryptocurrency exchange in a lot of trouble, is pulling out of critical regions as regulatory pressure continues worldwide.
Binance informed Cointelegraph that although BML had several FCA licences, it “never carried out or offered in the UK” the services for which they were issued.
On May 30, 2023, the FCA acted with Binance’s request to terminate the authority’s authorization for BML. A representative for Binance reaffirmed that the termination of BML’s registration did not affect the company’s operations:
“Since Binance.com does not own or run any crypto services in the UK and is only accessible to UK users through reverse solicitation, the ruling will not affect the cryptocurrency exchange.”
Binance’s UK and Europe growth manager, Ilir Laro came to Twitter on Sunday to remind people that the exchange is still registered in France, Italy, Spain, Poland, and Sweden, among other European countries. “As MiCA comes into force in 2024/5, we are shifting focus to getting ready, which means some consolidation in order to passport throughout Europe,” he said.
The executive elaborated on why Binance had to withdraw from jurisdictions with stricter regulatory requirements, including Cyprus, the Netherlands, and Nigeria.
Previously, Binance had problems with UK regulators. The Financial Conduct Authority demanded that Binance cease all UK regulatory efforts in 2021.
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