{"id":321874,"date":"2023-06-20T19:00:02","date_gmt":"2023-06-20T13:30:02","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=321874"},"modified":"2023-06-20T16:35:41","modified_gmt":"2023-06-20T11:05:41","slug":"binance-cancels-uk-registration-what-you-should-know","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/binance-cancels-uk-registration-what-you-should-know\/","title":{"rendered":"Binance cancels UK registration: What you should know"},"content":{"rendered":"<ul>\n<li><em>The U.K. regulator had ordered Binance to\u00a0stop all regulatory activities\u00a0in the country in 2021.<\/em><\/li>\n<li><em>Binance faced trouble across European countries following the SEC enforcement action in the U.S.<\/em><\/li>\n<\/ul>\n<p>The United Kingdom\u2019s financial regulatory authority has <a href=\"https:\/\/register.fca.org.uk\/s\/firm?id=001b000000nojfNAAQ\" target=\"_blank\" rel=\"noopener\">cancelled several authorizations<\/a> granted to Binance\u2019s [BNB] U.K. division on the company&#8217;s request.<\/p>\n<p>Binance Markets Limited, Binance\u2019s U.K.-based division, had several permissions from the Financial Conduct Authority (FCA), the regulator of the U.K., for &#8220;activities that it never carried out or offered.&#8221;<\/p>\n<p>They also confirmed that the company had requested to withdraw those permissions.<\/p>\n<p>As these permissions were unlikely to be necessary in the future, the company decided that it would be better to end them under the regulator\u2019s recommendations.<\/p>\n<p>This decision has no bearing on Binance.com, which does not own or manage any crypto services in the U.K. It is only available to the customers in the U.K. on a reverse solicitation basis.<\/p>\n<p>Binance\u2019s chief strategy officer Patrick Hillmann had only recently <a href=\"https:\/\/www.ft.com\/content\/362caa7c-eebb-493b-9ef0-53cbc189f9f2\">expressed<\/a> his firm\u2019s commitment to be regulated in the U.K.<\/p>\n<p>The FCA had <a href=\"https:\/\/www.fca.org.uk\/news\/news-stories\/consumer-warning-binance-markets-limited-and-binance-group\">ordered<\/a> Binance to\u00a0stop all regulatory activities\u00a0in the country in 2021. The regulator had remarked that the firm was &#8220;not capable of being effectively supervised.&#8221;<\/p>\n<h3>Binance in trouble across countries<\/h3>\n<p>Earlier this month, the Securities and Exchange Commission (SEC), the financial regulator in the United States, <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-101\">filed<\/a> thirteen cases against Binance.US and its founder, Changpeng &#8220;CZ&#8221; Zhao. The charges include offering unregistered securities, evading regulators, misusing customer funds, and wash trading.<\/p>\n<p>Binance also <a href=\"https:\/\/www.reuters.com\/technology\/binances-cyprus-unit-seeks-deregistration-crypto-service-provider-2023-06-14\/\">withdrew<\/a>\u00a0its registration with a Cyprus regulator, stating that it was concentrating its efforts in fewer European jurisdictions as the EU&#8217;s new Markets in Crypto Assets (MiCA) law takes effect. Meanwhile, it also <a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/notice-on-changes-of-services-in-the-netherlands-b5a647be31cf469b87fc3337fd461ced\">announced<\/a> its exit from the Netherlands after failing to secure regulatory permission there.<\/p>\n<p>The French authorities are also <a href=\"https:\/\/www.lemonde.fr\/pixels\/article\/2023\/06\/16\/binance-principale-plate-forme-mondiale-d-echange-de-cryptomonnaies-visee-par-une-enquete-en-france_6177876_4408996.html\">investigating<\/a> Binance for allegedly illicit client canvassing and aggravated money-laundering.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK\u2019s financial regulator has cancelled several authorizations granted to\u00a0Binance on the company&#8217;s request.<\/p>\n","protected":false},"author":70,"featured_media":321887,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-321874","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - 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