In a very deleterious context in the United States in particular, Binance has so far relied on the British crypto market to reposition itself in the industry. A project now stillborn since Binance’s ambition around this country will ultimately not see the light of day.
Binance registration in the UK, a dashed hope?
A little over a month ago, Binance revealed its intention to leave the American crypto market. The platform indicated at the same time that it made the United Kingdom the preferred target of its relocation ambitions.
Obviously, these will not materialize. For good reason, the company announced, this Monday, June 19, its decision to cancel the registration procedure for its platform. A formality that she had initiated with the Financial Conduct Authority (FCA).
The institution, which is responsible for financial regulation in the United Kingdom, confirmed the news on its website. According to the regulator, the cancellation of the registration procedure of Binance Markets Limited (BML), the British subsidiary of Binance, is not recent.
It has been introduced since Tuesday, May 30, 2023. Now that the FCA has granted it, the company therefore has no legal existence in the country. “Following the cancellation of authorizations, the company is no longer authorized by the FCA”indicates the regulator on its site.
In itself, this new development is not new. Indeed, in 2021, already, the FCA had ordered the cessation of Binance’s crypto activities in the country. This, because it did not respect the financial regulations in the country.
New horizons for Binance?
This new development does not change much to the situation of the company in the country. For Ilir Laro, responsible for the development of Binance in the United Kingdom and Europe, there is no danger in the remains.
Anyway, the British subsidiary of Binance, he believes, had never conducted “no type of regulated activity” UK. The company certainly leaves the country, but maintains its presence in France, Italy, Spain, Poland and Sweden.
While this set of countries is now covered by the MiCA regulation, the latter becomes the priority objective of Binance. ” As the MiCA comes into effect in 2024-2025, we are focusing on preparing [de sa mise en conformité, Ndlr]which means some consolidation in order to pass throughout Europe”, said Ilir Laro. An ambition that does not hide the legal setbacks that the company must face by then.
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