Binance Seeks UK License Amid Sanctions Scandal

Binance, the world's largest cryptocurrency exchange, is planning to apply for a UK license under new rules set to come into force in October 2027. The company has faced regulatory hurdles overseas and is being investigated by US authorities over claims it allowed Iran to evade sanctions and transfer billions to finance the country's Revolutionary Guard.

Binance says it has 'zero tolerance' for illegal activity and rejects claims that it knowingly allowed Iran to operate on its site. Under new cryptocurrency laws, companies will need to seek permission from the Financial Conduct Authority (FCA) to let customers trade, demonstrate they are well-resourced enough to follow financial laws, and pass a 'fit and proper' test.

The company has previously faced setbacks in the UK, including being banned from carrying out regulated activity in 2021 and being blocked from making financial promotions through a partner company two years later. Binance's founder, Changpeng Zhao, was jailed in the US in 2024 for four months and the company paid a $4.3 billion fine for allowing criminals to launder money.