Britain’s financial regulator has approved a request by Binance to cancel its regulatory permissions in the United Kingdom. The move comes as the world’s leading cryptocurrency exchange takes steps to focus on fewer European markets amid increased scrutiny from regulators and ahead of Europe’s new crypto rules.
Binance No Longer Authorized to Provide Regulated Activities and Products in the U.K., FCA Says
Binance’s subsidiary in Britain, Binance Markets Limited (BML), has recently filed a cancellation request for its regulatory authorization. On June 7, the U.K.’s Financial Conduct Authority (FCA) announced the request was completed on May 30, 2023.
According the FCA’s Financial Services Register, the entity, which was previously authorized by the regulator, “can no longer provide regulated activities and products.” In an update on its interactions with the company, the Authority stated:
Following the completion of the cancellation of permissions the firm is no longer
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