Binance Seeks UK Authorization Amid Regulatory Hurdles
Binance, one of the world's largest cryptocurrency exchanges, plans to apply for authorization in the UK when the Financial Conduct Authority (FCA) opens its new crypto application gateway on September 30.
This move could potentially pave a path back into the British regulated market for Binance, according to reports. However, this comes with a significant hurdle - Binance's previous issues with the FCA remain unresolved.
The FCA has announced that it will begin accepting applications from cryptocurrency companies on September 30 and will continue to do so until February 28, 2027. The new framework aims to provide a clearer route for firms like Binance to enter the UK market.
However, this is not without its challenges. Binance faces a complex regulatory history in the UK, having been restricted by the FCA in June 2021 and being unable to conduct regulated activities without written approval. The exchange also stopped registering new UK customers in October 2023 due to tighter financial promotion rules.