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Cryptocurrency trading platform Binance is strategically scaling back its operations in various significant markets, including the United Kingdom, as regulatory pressures intensify. Binance's British arm, Binance Markets Limited (BML), has voluntarily severed ties with the UK's Financial Conduct Authority (FCA), marking another careful retreat.
This move means that Binance currently lacks authorized presence in the UK to offer financial services. The FCA officially acknowledged Binance's request to withdraw BML's registration on May 30, 2023, and confirmed on June 7 that the company is no longer under the jurisdiction of the UK financial watchdog.
However, Binance's exit from the UK does not result in operational disruptions. According to Ilir Laro, Binance's regional growth manager for the UK and Europe, BML never engaged in any regulated business within the country. Therefore, this cessation does not immediately impact the exchange's operations.
Laro also shed light on Binance's strategic decision to streamline regulatory compliance by withdrawing from other jurisdictions such as Cyprus, the Netherlands, and Nigeria, amidst escalating global pressures.
Binance's retreats come at a time of heightened scrutiny. In 2021, the FCA mandated Binance to suspend all regulated activities in the UK. This mandate added to the challenges Binance already faced in the United States, where it is currently involved in two civil lawsuits brought by regulatory bodies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission.
While these retreats may raise questions about Binance's future, the company's chief strategy officer, Patrick Hillmann, remains optimistic. Hillmann has expressed Binance's commitment to complying with UK regulations, emphasizing the company's intention to navigate through these regulatory hurdles.
