Binance’s UK-based subsidiary, Binance Markets Limited (BML), has canceled its registration with the Financial Conduct Authority (FCA). The FCA confirmed that BML’s permission to operate in the UK was canceled on May 30, 2023. However, as Binance had never been operational in the UK, the deregistration did not have any operational impact on the company. According to Ilir Laro, Binance’s sub-regional manager for growth in the UK and Europe, BML had never conducted any regulated business in the country since its acquisition in 2020. Binance still holds five regulated entities in Europe, including France, Italy, Spain, Poland, and Sweden. Laro noted that the company is moving its focus towards getting ready for the Markets in Crypto Assets Regulation (MiCA) and will passport throughout Europe. Binance has faced regulatory issues in other countries like Cyprus, the Netherlands, and Nigeria.