- The FCA demanded that the firm cease all of its operations in the UK in 2021.
- Some have argued that the UK government is too cautious with fintech and crypto startups.
As a result of the government’s assault on cryptocurrencies, Binance has found it difficult to operate in the US market. It has recently begun lobbying to be regulated in the UK. Binance’s chief strategy officer, Patrick Hillmann, said while speaking at Financial Times’ Crypto and Digital Assets Summit that the previous six months had been quite unclear in the United States.
On the recent proceedings taken by the U.S. Securities and Exchange Commission (SEC) against Coinbase for alleged violations of securities laws, he said, show that “the U.S. right now is in this strange place.” Hillmann said the firm would do “everything we possibly can” to get regulated in the United Kingdom. Despite the “very confusing” climate in the United States.
UK Government Too Cautious
Previously, he had said that the United States’ recent crackdown on crypto has made doing business tough. U.K. authorities have already fought with Binance on the exchange’s alleged lack of regulatory compliance due to its refusal to give necessary information about its business activities.
The Financial Conduct Authority (FCA) demanded that the firm cease all of its operations in the UK in 2021. Some have argued that the UK government is too cautious when dealing with fintech and cryptocurrency startups. Binance’s compliance with UK anti-money-laundering and counter-financing-of-terrorism regulations was confirmed by a business official.
Binance, they said, has a compliance program that uses Anti-Money Laundering and worldwide sanctions principles and the same technologies used by banks to identify and resolve any potentially illegal or unethical behavior.
Binance claims that its compliance program has allowed the cryptocurrency exchange to get authorization and registration in countries such as New Zealand, Dubai, France, Italy, and Spain.
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