Binance Prepares UK Return with FCA License Bid

Cryptocurrency exchange Binance is planning to re-enter the UK market by applying for a license with the Financial Conduct Authority (FCA). According to a report from The Telegraph, this move is expected to relaunch certain services for residents in 2027.

The FCA announced new digital asset laws in June 2021, which stated that Binance's UK arm, Binance Markets Limited, was 'not permitted to undertake any regulated activity in the UK.'

Binance reportedly halted onboarding of new users in response to the UK watchdog's rules on financial promotions in 2023.

Under the FCA's crypto regulatory framework, companies have until February 28, 2027, to submit applications before the regime goes live on October 25, 2027. David Geale, executive director of payments and digital finance at the FCA, said that the framework will hold crypto companies 'to similar standards' as other UK financial service providers.