Binance faces regulatory pressure as it attempts to return to the UK market

Binance has made several attempts to return to the UK market, but has faced pressure from the Financial Conduct Authority (FCA). Bloomberg reports this with reference to its sources.

Leaving the UK

In October 2023, Binance closed registration for UK users. As a reason, the company cited changes in legislation regarding the promotion of services in the field of crypto assets.

The exchange attempted to enter into a media partnership with the Rebuildingsociety.com platform, but was rejected by the FCA. The regulator’s website states that the service cannot promote such services.

Soon after, the head of the UK division of the global exchange resigned from his post.

Obstacles from the FCA

According to Bloomberg, Binance has made several attempts to return to the UK market. The exchange approached at least three companies that have regulatory permission to promote services in the field of crypto assets, but were refused.

According to sources, the reason for it was the FCA’s “concerns” regarding the cooperation of these organizations with the exchange. The department declined to comment on the situation.

A Binance representative, in turn, denied the statement of refusal:

“We continue to have productive discussions with several potential partners and are confident that we will be able to share positive news soon.”