TBD, a subsidiary of Block, owned by Jack Dorsey, has formed a partnership with Chipper Cash, an Africa-focused fintech company. This partnership aims to expedite consumer remittances and make them more affordable. According to a statement, Chipper Cash plans to use the decentralized exchange protocol of TBD. This will enable trusted transactions that comply with […]
Source link
FTX Trading Ltd. and its affiliates have announced a plan to sell a subsidiary it acquired for $10 million to Coinlist for $500,000, court documents filed on Feb. 9, 2024 show. The latest motion, filed in the United States Bankruptcy Court for the District of Delaware, details the proposed sale in order to maximize the […]
Source link
Binance said in a June 19 email shared with CryptoSlate that the exchange’s United Kingdom subsidiary, Binance Markets Limited (BML), has canceled its registration with the country’s Financial Conduct Authority (FCA).
According to the spokesperson, BML held various FCA permissions for activities it never carried out or offered in the U.K. It added:
“As these permissions were unlikely to be required in the future, Binance Markets Limited decided that it would be prudent to cancel them in line with the FCA’s recommendations to keep these updated.”
The regulator’s website confirmed that the firm was “no longer authorized” as of May 30. FCA stated:
“This firm can no longer provide regulated activities and products but previously was authorized by the FCA and/or PRA.”
The FCA’s website further shows that Binance no longer has an authorized entity in the U.K.
Meanwhile, BML’s registration cancellation did not impact Binance since it had never operated in the country. The spokesperson said:
“This decision has no impact on Binance.com, which does not own or operate any crypto services in the UK and is only available to UK consumers on a reverse solicitation basis.”
In 2021, the FCA warned that Binance was prohibited from conducting business in the U.K. The regulator also expressed concerns about a partnership deal the exchange entered into in 2022.
The latest withdrawal from the U.K. continues Binance’s spate of deregistration from various European markets.
Last week, Binance exited two European countries, Netherlands and Cyprus.
The exchange failed to secure registration as a virtual asset service provider (VASP) in the Netherlands. At the same time, it left Cyprus as part of its efforts to focus on its larger market in other European countries like France.
Binance’s sub-regional manager for growth in the U.K. and Europe, Ilir Laro, said the firm already has five regulated entities in France, Italy, Spain, Poland, and Sweden. Laro added:
“As MiCA kicks into force in 2024/5, we are moving focus to getting ready which means some consolidating in order to passport throughout Europe.”
The post Binance’s UK subsidiary withdraws FCA registration as European exodus continues appeared first on CryptoSlate.