Binance’s plan to get regulated in the U.K. while escaping the U.S. has apparently failed.
Troubled cryptocurrency exchange Binance continues to withdraw from major markets amid the ongoing pushback from global regulators.
After deregistration, no Binance entity is authorized by the FCA to provide any services in the United Kingdom, the regulatorAccording to the FCA, the authority completed Binance’s cancellation request of BML’s permissions with the authority on May 30, 2023. The cancellation of BML’s registration did not have an operational impact on Binance, as it had never been operational in the country, a regional manager at Binance reportedlyIlir Laro, Binance’s sub-regional manager for growth in the U.K. and Europe, argued that BML has never conducted “any type of regulated business” in the United Kingdom. He added:
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