Binance's UK Market Re-entry Struggles Amid Regulatory Issues: A Review

• Binance's Challenges in Re-Entering The U.K. Market
• Changes in rules by the Financial Conduct Authority
• Search for a new partner
• Binance's Response to Claims
• Correction Note

Binance's Challenges in Re-Entering The U.K. Market

Binance, globally recognized as the largest crypto exchange, is grappling with difficulties in its quest to return to the U.K. market. The exchange had halted its services in the U.K. in October, according to sources known to Bloomberg.

Changes in rules by the Financial Conduct Authority

In the previous year, the Financial Conduct Authority in the U.K. made significant alterations to its rules regarding crypto promotions. These changes stipulate that crypto-oriented enterprises must register with the FCA before they can sanction marketing initiatives. Alternatively, they can obtain approval from a third party that has been authorized. Binance made an attempt to collaborate with Rebuildingsociety.com with the aim to be in line with the updated rule. However, the FCA did not permit the partnership to proceed.

Search for a new partner

Binance has been trying to secure a new partner, and has reached out to at least three firms to gain approval for its proposed marketing services. Unfortunately, all have turned down Binance's offer, following concerns raised by the FCA about the potential collaborations with the exchange. This information was shared with Bloomberg by individuals who wished to remain anonymous.

Binance's Response to Claims

A spokesperson for the exchange responded to Bloomberg's queries, stating that it is not correct to assert that Binance's attempts to secure approval in the U.K. have been unsuccessful. The spokesperson expressed optimism that there will be a positive update soon.

Correction Note

CORRECTION (Feb. 1, 17:23 UTC): This article previously included an extraneous 21 in the final section. This has now been removed.

Edited by Jonathan Stoker