Binance, the world’s largest cryptocurrency exchange, has officially exited the UK, following similar moves in the Netherlands and Cyprus.
The company announced the move on its website on Tuesday, saying that it had “decided to close our UK operations.”
“We have faced a number of challenges in the UK, including regulatory uncertainty and a lack of clarity,” the company said. “We believe that this is the best decision for our users and our business.”
Binance’s exit from the UK comes after the Financial Conduct Authority (FCA) banned the company from operating in the country in June 2021. The FCA said that Binance was “not permitted to undertake any regulated activity in the UK.”
Binance has also faced regulatory challenges in other countries, including the Netherlands, Cyprus, and Japan. In March 2022, the Dutch central bank ordered Binance to stop offering services to Dutch customers. And in December 2021, the Cyprus Securities and Exchange Commission (CySEC) said that Binance was not authorized to operate in Cyprus.
Binance’s plan to get regulated in the U.K. while escaping the U.S. has apparently failed. https://t.co/Mg7BOahWtW
— Cointelegraph (@Cointelegraph) June 19, 2023
Binance’s exit from the UK, the Netherlands, and Cyprus is a sign of the growing regulatory scrutiny of the cryptocurrency industry. As regulators around the world crack down on cryptocurrencies, it remains to be seen how Binance and other exchanges will adapt.
In a statement, Binance said that it is “committed to working with regulators around the world to ensure that we are compliant with all applicable laws and regulations.” The company added that it is “exploring opportunities to re-enter the UK market in the future.”
Binance’s exit from the UK is likely to have a significant impact on the cryptocurrency industry in the country. The company was one of the most popular exchanges in the UK, and its closure will leave a void in the market. It remains to be seen how other exchanges will respond to Binance’s exit, and whether they will be able to fill the void.
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