Binance Group has filed an application with the UK Financial Conduct Authority (FCA) to revoke the registration of its subsidiary Binance Markets Limited (BML). The application was approved by the regulator.
According to Ilir Laro, Binance Country Manager for Development in the UK and Europe, the deregistration of Binance Markets did not affect the operations of the Binance Group in any way, since the subsidiary did not conduct any activities.
“BML was acquired by Binance Group back in 2020 to launch a regulated business in the UK. However, in mid-2021, the FCA placed restrictions on Binance Markets, banning the company from any regulated activity in the country. Therefore, our attempt to enter the UK market was not successful, as the company has been inactive since the acquisition,” said Laro.
According to market experts, after the revocation of the BML license, the further implementation of the intention of the parent company Binance to transfer operations to Europe is in doubt, especially against the backdrop of an extremely negative reaction from US regulatory authorities.
Recall that this year Binance Group has already ceased operations of its subsidiaries in Cyprus and the Netherlands .
