Binance withdraws from the UK, Netherlands and Cyprus
Cryptocurrency exchange platform Binance has canceled its registration in the United Kingdom. The platform’s division in the country was launched in 2020, but it was dormant and never engaged in any regulated activities. It is the platform’s third withdrawal from a market within the last couple of months.
The Financial Conduct Authority (FCA) in the United Kingdom has approved the cryptocurrency broker Binance to deregister Binance Markets Limited (BML). Since May 30th, the platform is no longer authorized to provide regulated services in the country.
BML never conducted business in the UK
According to the platform, this will not impact its operations, as BML had never conducted any business or had users in the United Kingdom. And in March, Binance stopped allowing customers in the United Kingdom to withdraw or deposit funds in British pounds.
Investors can still access the platform’s offshore website, Binance.com
This was a result of the termination of operational agreements with local banking partner Paysafe. Investors living in the United Kingdom can now still access the platform’s offshore website, Binance.com.
Withdrawal from other markets
It is not the first time that Binance stops its activities in a country. Last week, it announced a withdrawal from the Netherlands as it was unable to meet registration requirements. It has also retreated from Cyprus. The platform also came under investigation by French prosecutors.
‘The company will focus on obtaining permits to operate in EU countries.’
It now still holds regulated organizations in Poland, Sweden, France, Italy and Spain. “Because MiCA, the European law on the regulation of cryptocurrencies, will come into force in 2024, the company will focus on obtaining permits to operate in EU countries”, said Ilir Laro, Binance’s sub-regional manager for growth in the United Kingdom and Europe.
Lawsuits in the United States
The company has also faced scrutiny in the United States, as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have filed lawsuits against Binance. The lawsuits allege various violations, such as misleading practices and manipulative trading.