Binance Eyes Return to UK Market Through FCA Licensing Process: Sources
Since June 2021, Binance's British division has faced restrictions on conducting regulated operations in the nation, though reports suggest the exchange intends to pursue proper authorization under emerging cryptocurrency regulations.
Leading cryptocurrency exchange Binance is preparing to submit an application for authorization from the Financial Conduct Authority (FCA) in the United Kingdom, according to reports, in an effort that could see particular services reinstated for British residents by 2027.
Based on a report published Saturday by The Telegraph, the exchange plans to pursue UK licensing as fresh legislation governing digital assets is scheduled to become operational within the nation. In June 2021, the FCA declared that Binance Markets Limited, the platform's UK entity, was "not permitted to undertake any regulated activity in the UK," while the exchange revealed in 2023 that it would cease accepting new British users as a response to the regulatory body's requirements regarding financial promotions.
When contacted by Cointelegraph, a representative from Binance stated that the platform "does not comment on speculation surrounding potential licence applications." The firm declined to provide answers regarding its current UK operations.
According to the crypto regulatory framework unveiled by the FCA in June, firms will have a window starting in September through Feb. 28, 2027, to file their applications ahead of the regime's official launch on Oct. 25, 2027. David Geale, who serves as executive director of payments and digital finance at the FCA, indicated the framework would subject cryptocurrency firms to "similar standards" as additional UK financial service providers.