1. BITBILIHome
  2. Article

Cryptocurrency exchange Binance pulls out of the UK market due to regulatory constraints

• 102 views

TL;DR Breakdown

  • Binance has withdrawn from key regions due to growing regulatory pressure, including the termination of its registration with the FCA in the UK.
  • Binance’s subsidiary, Binance Markets Limited (BML), has been inactive in the UK since its acquisition in 2020.
  • The termination of BML’s registration highlights Binance’s challenges in complying with regulatory requirements.

Description

Binance, the troubled cryptocurrency exchange, has withdrawn from key regions in response to mounting regulatory pressure. The UK-based subsidiary, Binance Markets Limited (BML), recently terminated its registration with the Financial Conduct Authority (FCA). This prompted the FCA to clarify that no Binance company can provide services in the UK. The FCA fulfilled Binance’s request to … Read more

Binance, the troubled cryptocurrency exchange, has withdrawn from key regions in response to mounting regulatory pressure. The UK-based subsidiary, Binance Markets Limited (BML), recently terminated its registration with the Financial Conduct Authority (FCA). This prompted the FCA to clarify that no Binance company can provide services in the UK.

The FCA fulfilled Binance’s request to revoke BML’s authorization on May 30, 2023, and confirmed in a June 7 update that the regulatory authority no longer authorizes the firm. 

However, according to Binance’s sub-regional manager for growth in the UK and Europe, Ilir Laro, the termination of BML’s registration has had no impact on Binance’s operations since the exchange was never active in the country.

Binance Group acquired BML in 2020 to establish a legally compliant operation in the United Kingdom. Unfortunately, their efforts proved unsuccessful, and the subsidiary has remained inactive ever since its purchase, as confirmed by Laro. While the termination of BML’s registration may not have an immediate effect, it underscores the challenges faced by Binance in complying with regulatory requirements.

Despite the setback, Binance remains operational through five European-regulated organizations based in France, Italy, Spain, Poland, and Sweden. Laro emphasized on Twitter that Binance is now focusing on preparing for implementing the Markets in Crypto Assets (MiCA) regulations, which are set to come into force in 2024 or 2025. In light of this, the company is streamlining its operations to facilitate passporting throughout Europe.

The move by Binance reflects the increasing scrutiny and tighter regulations faced by cryptocurrency exchanges worldwide. Governments and regulatory bodies are keen to ensure investor protection and mitigate cryptocurrency risks. Binance’s decision to exit certain regions highlights industry players’ challenges in navigating evolving regulatory landscapes while striving for compliance and operational efficiency.

As Binance adjusts its operations to meet regulatory demands, the cryptocurrency industry as a whole is witnessing significant transformations. With new regulations on the horizon, exchanges and market participants must adapt and establish robust compliance frameworks to maintain their presence and address regulators’ concerns worldwide.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Cryptocurrency exchange Binance pulls out of the UK market due to regulatory constraints

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月21日 22:26
Next 2023年6月22日 00:08

Related articles

  • Regulator lauds resilience of EU banks – Reason?

    TL;DR Breakdown EU’s top banking authority declares most major banks resilient, even in worst-case scenarios. EBA’s stress tests find only 3 out of 70 banks might struggle with capital levels in a severe crisis. Despite potential massive losses over three years, EU banks stand robust. Description According to a recent declaration by the European Union’s principal banking authority, the vast majority of the bloc’s major financial institutions would be impervious to capital increases, even when faced with an absolute worst-case scenario. This strong affirmation follows extensive stress testing, revealing the extraordinary resilience of EU banks more than ten years after the … Read more According to a recent declaration by the European Union’s principal banking authority, the vast majority of the bloc’s major financial institutions would be impervious to capital increases, even when faced with an absolute worst-case scenario. This strong affirmation follows extensive stress testing, revealing the extraordinary resilience of EU banks more than ten years after the global financial crisis. The findings The latest round of stress tests, conducted by the European Banking Authority (EBA), aimed to ascertain…

    Article 2023年7月29日

  • China blames the U.S. for all its chaos

    TL;DR Breakdown China’s defense minister criticizes U.S. influence and interference at Moscow conference. China seeks to expand military partnerships and joint drills, emphasizing peaceful collaboration. Beijing’s Global Security Initiative promotes dialogue over combat and sanctions. Description The world watched as China’s defense minister took center stage in Moscow, delivering a message that seems to ruffle feathers in the West. As China solidifies its position on the global stage, one thing is clear – the East Asian powerhouse isn’t shying away from calling out what it sees as U.S. interference. Strategic Partnerships … Read more The world watched as China’s defense minister took center stage in Moscow, delivering a message that seems to ruffle feathers in the West. As China solidifies its position on the global stage, one thing is clear – the East Asian powerhouse isn’t shying away from calling out what it sees as U.S. interference. Strategic Partnerships and Defense Innovations In Moscow, China’s emphasis was on partnership and collaboration. China’s military, known for its cutting-edge tech, is eager to rub shoulders with other nations, aiming to enhance its…

    Article 2023年8月17日

  • Russian Government advises against cryptocurrencies as savings option

    TL;DR Breakdown Russian Finance Ministry advises against investing in cryptocurrencies as a savings option, citing high risk and lack of interest accrual. Russian government abandons plans for a national cryptocurrency exchange and focuses on regulating crypto trading platforms instead. Russia explores the use of digital assets for cross-border payments to overcome sanctions, with a draft law allowing DFAs and cryptocurrencies for cross-border payments by exporters. The country also plans to support interactions with other CBDCs through the digital rouble platform. Russian Ministry of Finance has cautioned citizens against using cryptocurrencies as savings. With the decline in interest for foreign fiat currencies due to imposed restrictions and Western sanctions, the official emphasized that high-risk assets like cryptocurrencies are unsuitable for most people’s savings and should primarily be considered by wealthier individuals. During the blockchain conference “Finance of the Future: Challenges and Opportunities,” Ivan Chebeskov, the head of the Financial Policy Department of the Russian Ministry of Finance, highlighted the risks associated with cryptocurrencies. He stated that even stablecoins pegged to traditional currencies are not ideal for savings as they do not…

    Article 2023年6月6日

  • EU’s plan to dominate global markets with digital euro

    TL;DR Breakdown The EU plans to revolutionize global finance by introducing a digital euro, as outlined in a recent legislative proposal by the European Commission. The digital euro is planned to be as accessible as possible, with banks able to provide it on request. The legislation proposes a balance between user privacy and financial security, offering offline payments with cash-like privacy and minimized money laundering risks. Description The European Union’s (EU) strategic plan to revolutionize the world economy through the introduction of a digital euro is gathering steam. This move, fueled by the European Commission’s recent legislative proposal, is slated to reshape the global financial landscape, with the digital euro set to become the bloc’s universal payment medium. Digital euro: An economic … Read more The European Union’s (EU) strategic plan to revolutionize the world economy through the introduction of a digital euro is gathering steam. This move, fueled by the European Commission’s recent legislative proposal, is slated to reshape the global financial landscape, with the digital euro set to become the bloc’s universal payment medium. Digital euro: An economic…

    Article 2023年7月1日

  • Iran and Russia forge crypto partnership, simplify currency trade

    TL;DR Breakdown Iran and Russia convene at the 15th International Financial Industry Exhibition to explore the integration of cryptocurrencies and blockchain into their financial systems. New financial instrument, the banking guarantee letter, unveiled to simplify trade in the national currencies of the two countries, the rial and the ruble. Cryptocurrencies and blockchain are transforming the financial landscape of the globe. At the forefront of this evolution, Iran and Russia have been delving into the possibilities that these technologies offer, keen on leveraging them to further their economic interests. Cryptocurrency and blockchain – A new frontier In the context of the 15th International Financial Industry Exhibition held in Tehran, thought leaders, tech moguls, and government officials from Iran and Russia convened to deliberate on the prospective uses and potential drawbacks of integrating cryptocurrencies and blockchain technology into their financial systems. Key figures in the world of fintech, such as Mustafa Amiri, Secretary of the Iran Fintech Association, and Abbas Ashtiani, CEO of the Iran Blockchain Association, were present, bringing their insights to the table. Noteworthy Russian contributors to the dialogue included…

    Article 2023年6月15日
TOP