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<li>Binance&#8217;s UK-based subsidiary Binance Markets Limited (BML) officially cancelled its registration with the Financial Conduct Authority (FCA).</li>
<li>Following the cancellation, it was reported that any organization affiliated with Binance is not authorized to provide any services in the UK.</li>
<li>Ilir Laro, the regional manager responsible for Binance&#8217;s growth in the UK and Europe, argued that BML has never conducted any &#8220;regulated business&#8221; in the UK.</li>
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<p><strong>Binance&#8217;s UK-based subsidiary Binance Markets Limited (BML) has cancelled its registration with the Financial Conduct Authority in the UK.</strong></p>
<h2 id="strong-binance-cancels-registration-in-the-uk-strong"><strong>Binance Cancels Registration in the UK</strong></h2>
<p><img decoding="async" class="alignnone size-full wp-image-125853" src="https://en.coinotag.com/wp-content/uploads/2023/04/Binance-Conducts-Large-scale-BNB-Burn.png" alt="Binance BNB" width="1920" height="1080" /></p>
<p>As global regulators continue to exert pressure, cryptocurrency exchange Binance continues to withdraw from major markets. Binance&#8217;s UK-based subsidiary Binance Markets Limited (BML) officially cancelled its registration with the Financial Conduct Authority (FCA).</p>
<p>Following the cancellation, it was reported that any organization affiliated with Binance is not authorized to provide any services in the UK.</p>
<p>According to the FCA, the authority completed the cancellation request for BML&#8217;s permissions on May 30, 2023. The FCA stated, &#8220;After the cancellation of permissions, the firm is not authorized by the FCA.&#8221;.</p>
<p>The cancellation of BML&#8217;s registration did not have any operational impact on Binance, as the organization never became operational in the country.</p>
<p>Ilir Laro, the regional manager responsible for Binance&#8217;s growth in the UK and Europe, argued that BML has never conducted any &#8220;regulated business&#8221; in the UK. He also added:</p>
<blockquote><p>&#8220;BML was successfully acquired by Binance Group in 2020 and was established to launch a regulated business in the UK. However, this initiative was not successful, and it has remained inactive since the date of acquisition.&#8221;</p></blockquote>
<p>Laro stated that Binance still has five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. He stated, &#8220;When MiCA comes into effect in 2024 or 2025, we are focusing on preparing to obtain a passport across Europe.&#8221;</p>
<p>Binance had previously faced regulatory issues in the UK. In 2021, the FCA instructed Binance to cease all regulatory activities in the country.</p>
<p>These news came after Binance&#8217;s Chief Strategy Officer Patrick Hillmann expressed the commitment to regulate in the UK despite the company&#8217;s issues in the United States. As previously reported, Binance is facing two lawsuits from US regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.</p>

<p>The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-exchange-binance-announces-withdrawal-from-this-country/">Bitcoin Exchange Binance Announces Withdrawal from This Country!</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG EN</a>.</p>

Bitcoin Exchange Binance Announces Withdrawal from This Country!

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