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The latest update on the regulator's website reveals that Binance's U.K. unit has voluntarily requested the cancellation of several permissions granted by the top financial regulator in the United Kingdom. As a result, the regulator has promptly taken action to revoke these permissions.

In an emailed statement on Monday, a spokesperson for Binance informed CoinDesk that Binance Markets Limited possessed several permissions from the Financial Conduct Authority (FCA) for activities it had neither undertaken nor provided in the United Kingdom. The spokesperson confirmed that the company had submitted a request to withdraw those permissions.

"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 spokesperson for Binance said. "This decision has no impact on Binance.com, which does not own or operate any crypto services in the U.K. and is only available to U.K. consumers on a reverse solicitation basis."

Binance has recently decided to withdraw its registration with a regulatory body in Cyprus, citing its shift towards fewer European jurisdictions due to the implementation of the EU's new Markets in Crypto Assets (MiCA) regulation. Additionally, the company announced its departure from the Netherlands on Friday, as it was unable to secure regulatory approval in the country.

Furthermore, apart from its challenges in Europe, Binance is currently encountering regulatory scrutiny in other regions. Its U.S. division and founder, Changpeng "CZ" Zhao, are facing a lawsuit filed by the Securities and Exchange Commission (SEC) regarding the alleged sale of securities and operation of an unregistered trading platform. Additionally, French authorities recently confirmed an ongoing investigation into the platform for potential "aggravated money laundering" activities since at least 2022.

"Following the completion of the cancellation of permissions the firm is no longer authorized by the FCA," the regulator's website said as part of a June 7 update. "No other entity in the Binance Group holds any form of U.K. authorization or registration to conduct regulated business in the U.K."

In 2021, the FCA made headlines by stating that Binance lacked the necessary capability for effective supervision and informing its U.K. division that it was prohibited from engaging in any regulated activities within the country.

"The Binance Group appear to be offering U.K. customers a range of products and services via a website, Binance.com," the regulator said.

Source Coindesk