- The Financial Conduct Authority of the UK completed Binance’s request to cancel Binance Markets Limited’s (BML) registration with the agency.
- Mounting regulatory hurdles pushed Binance out of the Netherlands and Cyprus recently, the exchange continues to battle the US SEC lawsuit.
- BNB price nosedived in response to the news, dropping 3.4% to $243.40 over the weekend.
The UK’s Financial Conduct Authority (FCA) deregistered Binance Markets Limited (BML) and green-flagged Binance’s cancellation request for the entity. BML is a Binance subsidiary, and while its deregistration does not have a direct impact on the exchange’s operations, it adds to the mounting regulatory woes of the exchange.
UK watchdog’s website confirms Binance subsidiary exit
UK FCA, United Kingdom’s financial regulatory body, confirmed that Binance Markets Limited is not longer authorized to undertake any regulated activity in the nation. The exchange has previously made two voluntary exits, from Cyprus and the Netherlands.
FCA webpage on Binance Markets Limited
Binance acquired the UK-based entity in 2020 with the intention of launching a regulated business in the UK. The attempt was unsuccessful, and since then, BML remained dormant. With its focus shifting towards complying with European Union’s Markets in Crypto-Assets (MiCA) regulations, Binance applied for cancellation of its registration with the UK FCA, and the authority green-flagged the exchange’s exit.
There is no direct impact on Binance’s operations since the exchange never served UK-based customers, however, it has now pulled out of the nation amidst rising regulatory hurdles.
Binance’s battle against US SEC’s allegations continues
The US SEC’s lawsuit against Binance alleges that the exchange engaged in an unregistered securities sale. The lawsuit outlines a list of several cryptocurrencies that the SEC has labeled as securities and accuses the exchange of violating laws by facilitating the trade of these assets.
To find out more about the SEC’s lawsuit, check this post.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.