Binance Struggles to Reestablish UK Presence: Bloomberg
According to a report by Bloomberg, popular cryptocurrency exchange Binance is struggling to find new partners that will allow it to re-enter the United Kingdom. In order to operate in the UK market, Binance must have an authorized approver, as required by local regulations. This authorized approver is granted by the Financial Conduct Authority (FCA) and is responsible for approving financial promotions before they are made public, ensuring compliance with FCA rules. In recent months, at least three firms with this regulatory permission have turned Binance away, according to sources cited by Bloomberg. This comes after the exchange lost its UK partner in October due to restrictions placed on its approver, Rebuildingsociety.com (REBS), by the FCA.
The FCA has expressed concerns to potential partners of Binance, which has resulted in companies being hesitant to form a deal with the exchange. Binance, Has denied facing difficulties in finding a new partner and claims to be in productive discussions with potential approvers. The exchange believes that it will be able to provide a positive update soon.
It is important to note that Binance officially canceled its registration with the FCA in May 2023 through its subsidiary, Binance Markets Limited (BML). This cancellation was brought about by Binance’s decision to revoke permissions for activities it never actually offered in the UK. Therefore, no entity under Binance is authorized by the FCA to provide services in the country.
The challenges Binance is facing in the UK may be attributed to its legal issues in other countries. In June 2023, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its former CEO, Changpeng Zhao. The SEC claimed that Binance had offered unregistered securities in the US and engaged in wash trading, among other allegations. Zhao pleaded guilty to violating Anti-Money Laundering requirements and agreed to step down as CEO as part of a $4.3 billion settlement with the US Department of Justice (DOJ). His sentencing is scheduled for late February.
These legal troubles have likely raised concerns among potential partners in the UK, leading to their reluctance to collaborate with Binance. Until these issues are resolved, it may be difficult for Binance to find a new partner and re-establish its presence in the UK market. The exchange will need to navigate these challenges and ensure compliance with regulatory requirements before it can resume operations in the country.
6 thoughts on “Binance Struggles to Reestablish UK Presence: Bloomberg”
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Wow, it seems like Binance is facing some tough times in the UK. Hopefully, they can find a new partner soon and get back on track!
Binance’s claims of being in productive discussions with potential partners are hard to believe. They need to focus on resolving their legal issues first before expecting anyone to trust them.
Stay strong, Binance! I’m confident that you’ll find the right partner who understands your vision and can help you navigate the regulatory landscape. Keep pushing forward!
Binance’s troubles just keep piling up. It’s no surprise no one wants to be associated with them. They need to prioritize resolving their legal issues if they want to regain trust.
Don’t give up, Binance! I’m sure there’s a partner out there who’s ready to collaborate with you and help you expand in the UK market. Stay hopeful!
Binance just can’t catch a break, can they? Their problems in the US are now affecting their operations in the UK. They need to clean up their act if they want to survive.