Cryptocurrency exchange Binance is reportedly preparing to apply for a license with the UK's Financial Conduct Authority (FCA), aiming for a potential relaunch of services in 2027 under new digital asset regulations.
Binance's potential return to the UK market under a regulated framework could signal a broader trend of major crypto exchanges seeking to comply with stringent regulatory requirements in key financial jurisdictions.
Cryptocurrency exchange Binance is reportedly planning to seek a license from the UK's Financial Conduct Authority (FCA), with the goal of relaunching certain services for UK residents by 2027. The move comes as the UK prepares to implement new digital asset regulations.
Binance's UK operations have been restricted since June 2021, when the FCA stated that Binance Markets Limited was not permitted to conduct regulated activities in the country. In response to the watchdog's rules on financial promotions, the exchange announced in 2023 that it would cease onboarding new users.
A spokesperson for Binance declined to comment on speculation regarding potential license applications. The FCA's new regulatory framework, announced in June, mandates that crypto companies submit their applications by February 28, 2027, before the regime officially begins on October 25, 2027. David Geale, an executive director at the FCA, indicated that these regulations aim to hold crypto firms to standards similar to other UK financial service providers.