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Binance Faces These Regulatory Obstacles In Re-Entering The UK Market, Report

Press Releases Crypto News Bitcoinist Binance Faces These Regulatory Obstacles In Re-Entering The UK Market, Report

According to a Bloomberg report, Binance, the world’s largest cryptocurrency exchange by trading volume, is encountering obstacles to re-enter the United Kingdom (UK) market.

Local partners in the UK have reportedly shown reluctance to work with Binance due to “regulatory opposition,” hampering the exchange’s plans to regain a foothold in the country.

UK Firms Reject Binance’s Requests For Collaboration

According to the report, multiple UK firms that hold regulatory permission to approve communications between crypto platforms and their clients have recently rejected requests from Binance, as per anonymous sources familiar with the matter.

These rejections followed concerns the UK’s Financial Conduct Authority (FCA) expressed to several authorized businesses that had inquired about potential collaborations with Binance.

The FCA’s position underlines the significant challenges faced by Binance’s CEO, Richard Teng, who took charge in November to rebuild trust among regulators globally. Teng assumed the top role after founder Changpeng ‘CZ’ Zhao resigned as part of an agreement with US authorities, resulting in Binance agreeing to pay $4.3 billion in penalties.

In the UK, expanded Section 21 rules implemented last year require most digital-asset service providers to collaborate with third-party companies to offer services in the country.

In October, Binance suspended access for new UK customers after the FCA terminated its agreement with its previous partner, Rebuildingsociety.com. Nevertheless, the exchange has denied facing opposition in its re-entry attempts, stating, “It is not accurate to say that we have been rebuffed by section 21 approve

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Author: Ronaldo Marquez

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