Binance Eyes UK amid Regulatory Challenges in the US

Binance Eyes UK amid Regulatory Challenges in the US

Binance is looking to be regulated in the United Kingdom due to the regulatory challenges in the United States, the crypto exchange’s Chief Strategy Officer, Patrick Hillmann revealed during the Financial Times’ Crypto and Digital Assets Summit.

US Regulators Are against Crypto

Hillmann highlighted the confusion around crypto regulations in the US in the last six months. He even cited the actions of the Securities and Exchange Commission against rival Coinbase, which was slapped with a Wells Notice for alleged violation of securities laws. However, the regulator has not brought any formal charges against Coinbase yet.

Meanwhile, Binance and its CEO, Changpeng Zhao, are facing charges in the United States, bought by the Commodity Futures Trading Commission, alleging an array of compliance violations on the exchange’s part. The civil lawsuit even called Binance’s compliance measures a 'sham’.

„I expect at some point the US is going to want to pivot and play catch-up to Europe, which just passed MICA, which is a huge step forward,” Hillmann said.

Binance Ditched UK Before

Though Binance is now focusing on the UK, it previously had troubles with the country’s financial market regulator, the Financial Conduct Authority (FCA). Binance, the largest cryptocurrency exchange regarding trading volume, was also among the crypto companies that withdrew their requests for a mandatory FCA registration.

Binance’s troubles in the UK started in mid-2021 when the FCA issued a notice labelling the local entity of Binance unregulated. It started an array of regulatory warnings and enforcement actions worldwide against the crypto exchange giant, forcing it to reevaluate its expansion approach.

Now, Binance is focused on obtaining regulatory permissions, and it has already gained digital currency licenses in France, Italy, and Spain, cementing its presence in the European Union. In addition, it is regulated in New Zealand and Dubai. However, Binance is yet to clarify its steps to become a UK-regulated crypto exchange.

This article was written by Arnab Shome at www.financemagnates.com.

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