- Binance is struggling to find new partners to re-enter the United Kingdom, according to sources.
- The Financial Conduct Authority (FCA) requires Binance to have an authorized approver to operate in the U.K.
- Binance has been turned away by at least three firms with regulatory permission.
- The exchange lost its U.K. partner in October after the FCA imposed restrictions on its then-approver, Rebuildingsociety.com.
Binance’s difficulty in finding new partners to operate in the United Kingdom highlights the challenges the exchange is facing regarding compliance with the Financial Conduct Authority’s regulations. The FCA requires Binance to have an authorized approver to ensure compliance with its rules before conducting business in the U.K. The fact that Binance has been turned away by at least three firms with this regulatory permission suggests that the exchange is encountering resistance due to regulatory concerns.
The loss of its U.K. partner in October after the FCA imposed restrictions on its then-approver, Rebuildingsociety.com, further complicates Binance’s situation. The exchange needs to find a new partner to regain access to the U.K. market, but it appears to be struggling in this regard. This could potentially impact Binance’s ability to offer its services to users in the U.K. and may hinder the exchange’s expansion plans in the country.
This development highlights the increasing scrutiny and regulatory challenges faced by cryptocurrency exchanges, especially in jurisdictions with strict financial regulations like the United Kingdom. Binance’s difficulties in finding new partners in the U.K. could potentially affect the exchange’s reputation and ability to operate smoothly in other markets as well. It remains to be seen how Binance will overcome these hurdles and regain access to the U.K. market.