Binance Seeks UK Regulation As US Steps Up Crypto Crackdown

[ad_1]

Crypto exchange Binance, like many of its peers, has frequently expressed disappointment with the intense crackdown on crypto businesses by US regulators and the lack of regulatory clarity. At the Financial Times Crypto and Digital Assets Summit, Patrick Hillmann, Chief Strategy Officer of Binances, said that it is now very difficult to operate in the United States and that the company will do everything possible to be regulated in the UK.

Commenting on the actions of the United States Securities and Exchange Commissions (SEC) against the crypto exchange Coinbase Global (NASDAQ:COIN), Hillman reportedly said that the United States is in this strange place right now. The SEC sent a Wells notice to Coinbase in March for alleged violations of securities laws.

In March, the Commodity Futures Trading Commission (CFTC) filed a civil suit against Binance and its co-founder Changpeng Zhao, alleging willful evasion of federal laws and illegal operation of a digital asset derivatives exchange. Last month, Binance.US, the US arm of Binance, withdrew its offer to buy the assets of bankrupt crypto lender Voyager Digital, citing a hostile and uncertain regulatory climate.

Interestingly, in 2021 the Financial Conduct Authority (FCA) ordered Binance to cease all regulated activities in Britain. Last year, Binances co-founder He Yi said the UK was the most stressful country when it comes to crypto regulation. Hillmann reportedly declined to say whether the company had reapplied for FCA registration.

Overall, Hillmann expects regulatory uncertainty issues to be resolved in the time ahead and expects the U.S. to pivot and catch up with Europe, which recently passed Mica regulations (Markets in Crypto Assets).

Despite regulatory pressures, Binances’ digital currency, Binance Coin (BNB-USD), is up more than 30% year-to-date.

Disclosure

[ad_2]