Binance’s UK-based subsidiary, Binance Markets Limited (BML), has officially withdrawn its registration with the Financial Conduct Authority (FCA), according to a recent announcement. This move comes amidst increasing regulatory scrutiny faced by the company.

The FCA confirmed that following the cancellation of BML’s permissions, the firm is no longer authorised to conduct any regulated activities in the UK. The deregistration was completed on May 30, 2023, and is now reflected on the FCA Register.

Despite BML’s deregistration, Binance’s operations remain unaffected as the subsidiary had not conducted any regulated business in the UK. BML was acquired by Binance Group in 2020 with the intention of launching a regulated business, but this plan did not materialize.

This development follows a series of regulatory challenges faced by Binance in various jurisdictions. The company recently announced its exit from the Netherlands after failing to secure regulatory approval and also applied to deregister its local entity in Cyprus. Furthermore, Binance is reportedly under investigation in France for alleged money laundering.

Despite these challenges, Binance continues to explore opportunities for regulatory compliance. In May, the company’s chief strategy officer, Patrick Hillmann, stated that Binance was seeking to become regulated in the UK. However, the company is also facing legal action from the U.S. Securities and Exchange Commission, which has accused Binance of violating U.S. securities laws.