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Binance Is Facing Regulatory Headwinds as It Tries to Re-Enter UK Market: Bloomberg
The largest crypto exchange in the world stopped offering its services to U.K. customers in October after it failed to comply with a rule change made by regulators last year.
Binance, the world’s largest crypto exchange, is facing challenges as it attempts to re-enter the U.K. market after it suspended services in the country in October, people familiar with the matter told Bloomberg.
The U.K.’s Financial Conduct Authority last year changed its crypto promotion rules, which require crypto firms to be registered with the FCA to be able to approve marketing campaigns, or to be approved by an authorized third party. Binance had attempted to partner with Rebuildingsociety.com in order to comply with the new rule, but the FCA blocked the partnership.
STORY CONTINUES BELOW
In an effort to find a new partner, at least three firms who have been contacted by Binance to approve its marketing services have declined the offer after the FCA expressed concerns about the firms potentially working with Binance, according to the people that spoke with Bloomberg.
A spokesperson for the exchange told Bloomberg that it is inaccurate to say that Binance has been rejected by approvers in the U.K. and that it is confident that it will have a "positive update soon."
CORRECTION (Feb. 1, 17:23 UTC): Removes stray "21" from final paragraph.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
