LONDON—Binance, the world’s largest cryptocurrency exchange by trading volume, has canceled the registration of its inactive subsidiary in the United Kingdom.
The move comes amid increasing regulatory pressure on the crypto industry in the country and around the world, Tekedia reported.
Binance Markets Limited, a U.K.-based entity acquired by Binance in 2020, had applied for registration with the Financial Conduct Authority (FCA), the U.K.’s financial watchdog. The registration was part of Binance’s plan to launch a regulated business in the UK, offering crypto trading and other services, the report noted.
Application Withdrawn
However, BML never became operational in the U.K., and Binance decided to withdraw its application on May 30, 2023. The FCA confirmed the cancellation of BML’s registration on June 7, 2023, stating that the firm is no longer authorized to conduct any regulated activity in the U.K., Tekedia said.
According to Binance, the cancellation of BML’s registration did not have any impact on its global operations, as it had never offered any services under BML in the U.K. Binance said that it continues to serve its customers in the U.K. through its other entities and platforms, Tekedia added.
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