Binance is Pushing to Get Regulatory License in the UK

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The world’s biggest crypto exchange platform, Binance, has admitted that cryptocurrency restrictions have caused difficulty in carrying out business in the United States. As a result, it is presently seeking regulation in the United Kingdom.

Binance Seeks to Enter the UK

Binance’s chief strategy officer, Patrick Hillmann, stated during the Financial Times’ Crypto and Digital Assets Conference that the last six months have been somewhat perplexing in the United States. 

He went on to say that the recently announced actions enforced by the United States Securities and Exchange Commission (SEC) targeting peer exchange Coinbase for purportedly violating securities laws represent an example of how “the U.S. right now is in this strange place.”

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Confusion in the US

Acknowledging the “very confusing” regulatory landscape in the United States, Hillmann stated that the business was committed to doing “everything we possibly can” to be licenced in the United Kingdom.

Binance at Odds with the UK Regulators

It is interesting to look at the fact that Binance once was at odds with the UK regulators on its inability to give essential data about its company’s operations, prompting officials to conclude that the exchange was unregulatable. 

In 2021, the Financial Conduct Authority ordered the business to cease all regulated activity in the United Kingdom. However, other organizations have alleged that UK regulators have been unduly cautious about fintech and cryptocurrency enterprises.

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DoJ’s Investigation Against the Exchange

Recently, the platform was probed for supposed breaches of sanctions imposed on Russia after its invasion of Ukraine. According to reports, the DOJ is investigating whether Binance permitted Russian citizens to make use of its platform for trading cryptocurrencies in contravention of US sanctions against Russia.

Binance was recently warned by a US agency for deliberately violating restrictions. In this case, the Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam rebuked Binance Holdings and its CEO Changpeng Zhao “CZ” for failing to comply with US rules. In reply, Changpeng ‘CZ’ Zhao had emphasized that the company is committed to abiding by all applicable rules and regulations in the nations in which it works.

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