Binance Cancels UK Registration: What You Need to Know
• The U.K.’s financial regulator has cancelled several authorizations granted to Binance’s [BNB] U.K. division on the company’s request.
• This follows the SEC enforcement action in the U.S., as well as Binance’s withdrawal from Cyprus, Netherlands, and France due to regulatory issues.
• Binance.com is still available to customers in the U.K., but only on a reverse solicitation basis.
The United Kingdom’s financial regulator has cancelled several authorizations granted to Binance’s UK division on request of the company itself, following various regulatory troubles across other countries such as the US, Cyprus, Netherlands and France after an enforcement action by the Securities and Exchange Commission (SEC). However, Binance’s services are still available for customers in UK albeit only on a reverse solicitation basis.
From Authorization To Cancellation
The Financial Conduct Authority (FCA) had approved certain permissions for ‚activities that it never carried out or offered‘ by Binance Markets Limited – part of Binance’s UK-based division – which were unlikely to be necessary in future; leading to their cancellation upon recommendation of the regulator itself, as stated by chief strategy officer Patrick Hillmann who expressed his firm’s commitment to being regulated in the UK earlier this month before facing further issues with other countries’ respective regulators.
Trouble In The US
In June 2021, 13 cases were filed against Binance’s US-based branch along with its founder Changpeng “CZ” Zhao including charges of offering unregistered securities, evading regulators, misusing customer funds and wash trading according to SEC – all leading towards FCA ordering them to cease all activities in Britain too soon afterwards.
Other Countries Follow Suit
Following this order from FCA, other countries have followed suit; such as Cyprus where registration was withdrawn by citing concentration of efforts into fewer European jurisdictions due to EU’s new Markets in Crypto Assets (MiCA) law taking effect; while France began investigating for allegedly illicit client canvassing and aggravated money-laundering along with Netherlands where permission could not be secured despite efforts due to failure of meeting set standards according to regulations there respectively .
Ultimately all these decisions regarding revoking permissions have had no impact on services provided by Binance through its website which is accessible for customers through reverse solicitations within UK and continues operating without any hindrance or interruption despite recent events causing disruption elsewhere across globe for different reasons under varying circumstances related with regulations applicable therein based upon respective legal frameworks