Binance Files to Revoke UK Business License

1 year ago 73

Cancellation of business registration in the UK

Major cryptocurrency exchange Binance has revoked its license to operate in the UK.

According to the website of the Financial Conduct Authority (FCA), which oversees the cryptocurrency sector in the UK, the cancellation process was completed on the 30th of last month. It announced on the 7th of this month that it had received an application from Binance.

The company that specifically applied for license cancellation is “Binance Markets Limited” in the UK division. Binance has been closely monitored by the FCA in the past.

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Despite the fact that FCA announced the withdrawal of Binance’s license on the 7th, the reason why this content is currently attracting attention is that the overseas media reported it all at once on the 19th. A Binance rep commented to “The Block” as follows:

Our UK division has obtained licenses from the FCA for various businesses, but has never provided those services in the UK.

As the approvals obtained are likely not to be required in the future, the decision was made to revoke them following the FCA’s recommendation.

A spokesperson said the decision had no impact on Binance itself. Binance itself will not provide cryptocurrency services to UK investors outside of investor-led sales activities (reverse solicitation). In the future, however, he said he may apply for a license in the UK again.

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business in Europe

The fact that Binance has been licensed in the UK is also stated on the FCA website. Meanwhile, the FCA warned consumers in June 2021 that none of the Binance group companies, including its UK division, were licensed to offer compliant services in the UK.

It later updated its website in August of the same year, explaining that Binance had met the licensing requirements.

Binance has recently reportedly focused on complying with Europe’s new cryptocurrency regulation MiCA. On Wednesday, it also announced that it would exit the Dutch market after failing to obtain a business license from the Dutch regulator.

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What is Binance

Operates a major virtual currency exchange with a large number of traded stocks, trading volume, and registered users. In addition, we are developing a wide range of businesses such as the activities of the venture capital department, the provision of educational content, and philanthropic activities. In November 2010, the company announced its entry into the Japanese market.

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