Binance Seeks FCA License for UK Return Amid Regulatory Hurdles
Binance plans to re-enter the UK market by applying for an FCA license, which is expected to be a challenging process given its past difficulties with regulatory compliance. The exchange was barred from regulated activity in Britain five years ago and has since faced numerous issues with anti-money laundering and sanctions law.
The FCA's new crypto rules are set to take effect on October 25, 2027, and Binance must apply for a license before then. However, the application window is narrow, closing on February 28, 2027, and only 35 out of 273 applicants were approved under the old crypto register.
Binance's compliance record has been scrutinized in recent years, including a $4.3 billion settlement with US authorities over anti-money laundering and sanctions law violations. The exchange has also faced criticism for allegedly allowing sanctioned Iranian networks to move money through its platform.