Binance Markets Limited (BML), the UK subsidiary of crypto exchange Binance, has cancelled its registration with the FCA.
According to the regulator's website, the organization will now be unable to provide any services in the UK.
Binance's regional manager, Ilir Laro, has said the decision has not had an impact on operations, as the company had never conducted one.
According to him:
"BML was successfully acquired back in 2020 by Binance Group, intended to launch a regulated business in the UK. This attempt was not successful, however, and has since then remained dormant since its acquisition."
He also added that Binance still owns five regulated entities in Europe, including France, Italy, Spain, Poland and Sweden.
Last June 16, Binance announced its withdrawal from the Netherlands because the company has not been able to obtain a license from local authorities.