Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made it challenging to conduct business in the United States, and it is now seeking to be regulated in the United Kingdom.
During the Financial Times’ Crypto and Digital Assets Summit, Patrick Hillmann, the company’s chief strategy officer, stated that the past six months have been somewhat confusing for the US. rival exchange Coinbase for allegedly violating securities laws is an indication of how “the US is now in this unique place.”
While Hillmann acknowledged the “very confusing” environment in the US over the last six months due to the SEC’s action against Coinbase, he expressed the company’s commitment to do “everything we can” to be regulated in the UK
This is a significant change in tone from his earlier statement that the current crackdown on crypto has made it difficult to do business in the U.S. It should be noted that Binance has previously clashed with London regulators over its failure to provide important information about its business activities. , which led to regulators suggesting the exchange was unregulated.
In 2021, the Financial Conduct Authority ordered the company to stop all regulated activities in Britain. Some groups claim that UK officials are overly cautious of fintech and crypto companies.
A representative from Binance stated that the company complies with regulations regarding money laundering and terrorism financing in the UK. They explained that Binance achieves compliance through its compliance program, which uses anti-money laundering and global sanctions. principles and tools used by financial institutions to identify and resolve any suspicious activity.
According to Binance, the crypto exchange is able to secure approvals and registration through the compliance program in various jurisdictions around the world —including New Zealand, Dubai, France, Italy and Spain.
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Binance has been the target of US regulators cracking down on perceived illegal activity this year. In March. the Commodity Futures Trading Commission (CFTC) brought a case against the group, saying it was operating illegally in the country and violated the law by soliciting large amounts of US customers. At the time, Binance called the CFTC’s complaint “unexpected and disappointing”.
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