The world’s regulators are closing in on Binance as the firm works to limit services in unfriendly jurisdictions. The latest is Britain as the Binance UK subsidiary cancels its registration with financial regulators.
Binance has become the public enemy number one among global financial regulators. Additionally, many of them are aping the United States in chasing down the company.
Binance UK No Longer Authorized
The UK subsidiary of the world’s largest crypto exchange has officially withdrawn the permissions it held with the Financial Conduct Authority (FCA).
According to an updated status page from the financial regulator:
“This firm can no longer provide regulated activities and products, but previously was authorised by the FCA and/or PRA.”
The FCA noted that Binance UK was “no longer authorized” and that “some activities by this firm may not be protected.”
Binance Markets Limited held several permissions from the FCA for services and activities that it never offered.
On June 7, the FCA claimed that Binance UK withdrew its registration by company request.
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“Following the completion of the cancellation of permissions the firm is no longer authorized by the FCA,” it noted. “No other entity in the Binance Group holds any form of UK authorization or registration to conduct regulated business in the UK,” it confirmed.
Furthermore, Binance has not had a smooth ride in Britain. In 2021 the FCA stated that Binance was “not capable of being effectively supervised.”
In February 2022, the FCA said it was concerned about the exchange’s deal with Paysafe, a UK payments provider.
Despite comments from UK prime minister Rishi Sunak welcoming Web3 and blockchain innovation, the country’s banks and regulators remain hostile to the crypto industry.
However, company Chief Strategy Officer Patrick Hillmann still views the UK as more favorable and forward-looking than the U.S.
Binance also recently announced regulatory registration withdrawals from Cyprus and the Netherlands as Europe prepares to roll out its MiCA crypto regulations.
Pressure on Binance Mounting
The U.S. Securities and Exchange Commission sued the firm earlier this month for a wide range of alleged misdemeanors.
The regulator alleges Binance and its CEO engaged in market manipulation, misleading investors and regulators, and violating securities laws.
Nevertheless, there was a little reprieve last week. A judge said that making a deal with the SEC would be better than a Binance.US asset freeze which would harm investors.
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