Binance looks to UK for regulation amid US crypto crackdown

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Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made it difficult to do business in the United States. It is now seeking regulation in the UK.

At the Financial Times Crypto and Digital Assets Summit, Binances Chief Strategy Officer Patrick Hillmann said that the past six months have been quite confusing in the US. He added that recent action taken by the US Securities and Exchange Commission (SEC) against rival exchange Coinbase for allegedly violating securities laws is an indication of how the US stands. currently in this strange place.

While Hillmann acknowledged the very confusing environment in the US, he expressed the company’s commitment to doing everything possible to be regulated in the UK.

This is a change in tone from his earlier statement that the current crypto crackdown has made it difficult to do business in the United States. Binance has taken on the UK before. regulators over its failure to provide essential information about its trading activity, leading regulators to suggest that the exchange was unregulated.

In 2021 the Financial Conduct Authority ordered the company to stop all regulated activities in Britain. Other groups have claimed that UK officials are too suspicious of fintech and crypto firms.

A Binance representative said that the company complies with regulations regarding money laundering and terrorist financing in the UK. They explained that Binance has a compliance program, which uses anti-money laundering, global sanctions principles, and tools used by financial institutions to detect and address suspicious activity.

According to Binance, the crypto exchange can secure approvals and registration through the compliance program in various jurisdictions around the world, including New Zealand, Dubai, France, Italy, and Spain.

Related: Bitcoin priced on crypto exchange Binance.US at $700 premium

Binance has been the target of US regulators who have cracked down on perceived illicit activity this year. In March, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, alleging that it was operating illegally in the country and broke the law by extensively soliciting US customers. At the time, Binance called the CFTC complaint unexpected and disappointing.

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