Binance Cancels its Registration in UK

Binance's UK branch, known as Binance Markets Limited (BML), has officially ended its registration with the Financial Conduct Authority (FCA). The FCA is an organization in the UK that watches over financial activities. After Binance's move, the FCA stated that BML can no longer do any activities in the UK.

BML asked to cancel their permissions with the FCA, and this process was finished on May 30, 2023. This led to BML losing their registered status. No other part of the Binance Group is allowed to do regulated business in the UK.

In 2021, the FCA told Binance that it needed to ask for permission before doing any regulated activities in the UK. Despite this, Ilir Laro, a Binance manager in the UK and Europe, said this change won't affect Binance's work. According to Laro, since Binance Group bought BML in 2020, BML never did any business in the UK that required regulation.

During a time when Binance is facing challenges with US regulations, Binance’s main strategy officer, Patrick Hillmann, said in May that the company wants to get regulated in the UK. After this, the Securities and Exchange Commission (SEC) in the US sued Binance, claiming they broke US laws related to securities. Recently, Binance said it would leave the Netherlands because it couldn't get approval from regulators there. Binance is also ending its registration in Cyprus and there are reports of an investigation in France into claims that Binance laundered money.