Cryptocurrency exchange Binance is actively exploring regulatory measures in the United Kingdom after the crackdown in the United States.
During the Financial Times’ Crypto and Digital Assets Summit, Binance’s chief strategy officer, Patrick Hillmann, acknowledged the confusing regulatory environment in the U.S. and highlighted the recent actions taken by the Securities and Exchange Commission (SEC) against rival exchange Coinbase as an indication of the current situation.
In response, Binance is committed to pursuing regulation in the UK market and ensuring compliance and regulatory oversight.
This shift in approach comes after Binance had previously clashed with London regulators over its failure to provide necessary information about its business activities. The Financial Conduct Authority (FCA) had ordered the company to cease regulated activities in the UK.
However, Binance has stated its adherence to regulations related to money laundering and terrorism financing in the UK, utilizing a compliance program that employs anti-money laundering and global sanctions principles.
Binance’s acquisition of approvals and registrations through its compliance program in various jurisdictions globally, such as New Zealand, Dubai, France, Italy, and Spain, demonstrates its commitment to meeting regulatory requirements and expanding its operations worldwide.
The exchange has faced regulatory scrutiny in the U.S., including a lawsuit from the Commodity Futures Trading Commission (CFTC) alleging illegal operations and extensive solicitation of U.S. customers. Binance has described the CFTC complaint as unexpected and disappointing.
Binance UK Regulation
In conclusion, Binance’s exploration of UK regulation reflects its response to the challenging regulatory environment in the United States. By pursuing regulatory measures and demonstrating compliance with anti-money laundering regulations, Binance aims to navigate the changing landscape and ensure smoother operations globally.