Binance Turns to UK After Trouble in US

Binance Chief Strategy Officer Patrick Hillman (Patrick Hillman) criticize The U.S. regulatory landscape during the Financial Times Cryptocurrency and Digital Assets Summit, May 10.

Binance Chief Strategy Officer Criticizes U.S. Crypto Regulations

Patrick Hillman – Chief Strategy Officer, Binance

Here, Hillman asserts that the U.S. legal environment has been “very chaotic over the past six months” and says the country is in “unfamiliar territory.”

On March 27, the U.S. Commodity Futures Trading Commission (CFTC) accused Binance of providing U.S. users with illegal access to commodities. Still, Hillman hinted that the U.S. is undergoing a “broader regulatory turn,” and said Binance’s concerns extend beyond its issues with the CFTC. He believes the U.S. needs to change course to keep up with Europe’s new MiCA (Market Regulation in Cryptocurrency Assets) laws.

Binance CEO Changpeng Zhao also confirmed that the MiCA law allows companies to apply for a single license to conduct business in multiple countries in the European Union.

Binance targets the UK

While backing EU regulations, Hillman told the FT that Binance will “do our best” to be regulated under UK law.

This is also the intention of Binance competitor Coinbase, which is currently targeted by the US Securities and Exchange Commission (SEC). Coinbase said on April 19 that it may move to the U.K. for clearer regulation.

However, Binance is also less popular in the UK, where regulators have taken action against cryptocurrency exchanges in the past. In mid-2021, the U.K. Financial Conduct Authority (FCA) issued a warning against working with Binance, prompting some banks to refuse to support customer transactions with Binance.

Binance has announced plans to launch in the UK in 2021. Hillman did not say whether the application is still valid.

However, data The current FCA shows that since 2018, 3 Binance entities have not been authorized and 1 Binance entity has applied to withdraw the application.

Mr. teacher

According to CryptoSlate

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