Binance Seeks UK License for 2027 Relaunch Amid FCA Regulatory Crackdown
Cryptocurrency exchange Binance is planning to apply for a license with the UK's Financial Conduct Authority (FCA) in a move expected to relaunch certain services for residents in 2027, according to a report.
The FCA had previously stated that Binance's UK arm, Binance Markets Limited, was not permitted to undertake any regulated activity in the UK in June 2021. In response, the exchange announced it would halt onboarding of new users due to UK watchdog rules on financial promotions.
Under the new digital asset laws set to take effect in the country, companies will have until February 28th, 2027, to submit applications before the regime goes live on October 25, 2027. The FCA's crypto regulatory framework aims to hold crypto companies to 'similar standards' as other UK financial service providers.
Binance has declined to comment on speculation surrounding its potential license application.