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Binance Seeks Regulatory Shelter in the UK Amid US Crypto Crackdown

Binance Seeks Regulatory Shelter in the UK Amid US Crypto Crackdown

After almost two years, Binance reportedly aims to reenter UK's crypto market.

Binance, the largest cryptocurrency exchange in terms of daily trading volumes, is experiencing difficulties navigating the uncertain regulatory climate in the United States. As a result, the company is now seeking to be regulated in the United Kingdom.

During the Financial Times' Crypto and Digital Assets Summit, Binance's Chief Strategy Officer (CSO), Patrick Hillmann, commented on the challenges the company has faced in the US over the past six months.

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Binance CSO cited the Securities and Exchange Commission's (SEC) recent actions against rival exchange Coinbase as evidence of the current confusion in the US crypto market.

Hillmann emphasized that due to the unclear environment, Binance is dedicated to doing "everything we possibly can" to obtain regulation in the UK

It is important to note that Binance has previously encountered issues with London regulators due to the firm's failure to provide crucial information about the company's operations.

In 2021, the UK's Financial Conduct Authority (FCA) ordered Binance to halt all regulated activities within the country.

However, now, a Binance representative states that the crypto exchange is fully compliant with UK regulations related to money laundering and terrorism financing, as it uses its global compliance program.

Binance's compliance program has allowed the exchange to secure approvals and registrations in multiple jurisdictions worldwide, such as New Zealand, Dubai, France, Italy, and Spain. 

Binance has been targeted by US regulators this year, with the Commodity Futures Trading Commission (CFTC) filing a lawsuit against the company in March for allegedly operating illegally in the US and soliciting customers without proper authorization. Binance has expressed disappointment with the CFTC's complaint.

Binance strives to adapt to the shifting regulatory landscape by pursuing regulation in the UK while continuing to face challenges in the United States.


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