Binance will end trading in the UK

Binance is under enormous pressure worldwide. Regulators are not only chasing the crypto exchange and its CEO Changpeng Zhao in the USA. In Europe, too, the attitudes of the authorities are hardening. In the UK, Binance is now on the brink of collapse.

As a person familiar with the matter told BTC-ECHO, Binance Markets Limited (BML) is said to be preparing to close retail trading in the UK. The move is expected to be completed in the next two weeks. From then on, UK customers will no longer be able to make deposits on the crypto exchange.

The move comes as no surprise. At the end of May, BML withdrew a license application from the UK regulator FCA. This means that “no entity of the Binance Group has any form of authorisation, registration or license” to offer regulated services in the United Kingdom Explanation the authority.

BTC-ECHO reached out to Binance Europe for comment. A company spokesman explained that the withdrawn FCA application is said to have affected services “outside of crypto”. As a result, there is “no impact” on the parent platform Binance.com. In general, the crypto exchange only serves those UK customers who are actively seeking the company’s services, the spokesman said.

Is there a threat of the end in Germany too?

But the air for Binance is also getting thinner in other European countries. The crypto exchange withdrew from the Netherlands and Cyprus just last month. In Austria, the company withdrew a license application and in France authorities are even investigating money laundering.

In Germany, the status of the crypto custody license has not been finally clarified. BaFin is said to have rejected the application. Binance Germany did not want to share details from “talks with the supervisory authorities” when asked by BTC-ECHO. Work is continuing to meet BaFin’s requirements.

Sounds like the crypto exchange hasn’t completely given up hopes of remaining in Germany.

Binance fires employees

These are developments that affect the personnel situation at Binance. The crypto exchange is said to have laid off between 1,000 and 3,000 employees worldwide, according to US reports. Binance denies the numbers. Previously, several executives left the company, officially of their own free will.

An insider claims to BTC-ECHO that CEO “CZ” is said to have been the reason for the departure. The source said he was “exasperated” by the US authorities’ investigation. The employees were supposed to negotiate a “deal of indulgences” with the regulators, after which Binance wanted to settle the mistakes of the past with a large fine. When that didn’t work, CZ reportedly persuaded General Counsel Hon Ng to leave.

Especially in the US, Binance is in the crossfire of law enforcement agencies. After the CFTC and the SEC, industry observers are counting on an indictment from the US Department of Justice.