Binance has revoked the regulatory registration of its UK subsidiary, Binance Markets Limited.
The cryptocurrency market is trying to recover after tough days. The effects of the SEC’s lawsuits against Binance and Coinbase are still not over. About 2 weeks after the lawsuits, rumors about how the processes would progress started to multiply. Binance is looking for ways to act in harmony with the global regulatory framework.
Most recently, Binance has filed a license revocation request from the Financial Conduct Authority (FCA) for its UK subsidiary. Now none of the Binance entities have operational approval in the UK.
Binance Unregistered from the UK
Binance has revoked the license of its UK subsidiary, Binance Markets Limited. Binance, which has filed with the FCA, has officially withdrawn approvals for its exchange side arm. Binance is no longer a UK approved organization.
Also, Binance never started offering the service, even though it was licensed in the UK through its subsidiary. That’s why Binance has no clients in the UK. Binance’s license in the UK was approved by the FCA in 2021.
Binance, which has a fierce legal battle with the SEC, is revising its global operations. Binance, which has terminated many of its initiatives, prefers to renew some of its initiatives.
In addition, the SEC recently settled with Binance US. According to this settlement, Binance US was separated from Binance Global Holdings.
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