Binance Seeks Return to UK Market Amid Iran-Related Allegations
Binance, the world's largest cryptocurrency exchange by trading volume, is planning to re-enter the UK market after being effectively shut out in 2021. The Financial Conduct Authority revoked its authorization that year, and any unused permissions were formally canceled in June 2023.
Despite this setback, Binance is actively working towards a return to the UK market, where it was once a major player. This move comes as the exchange faces allegations of facilitating billions of dollars in fund transfers connected to Iran.
An estimated $8 billion in Iran-related trading has flowed through Binance since 2018, with roughly $1.7 billion in transactions from Binance-linked accounts traced to Iranian entities as of February 2026. The Wall Street Journal reported that $850 million in transactions were connected to a key Iranian financier by May 2026.