Binance, the world’s largest cryptocurrency exchange, is encountering regulatory challenges in its attempt to resume operations in the UK after suspending services in October, according to sources familiar with the matter as reported.
The UK’s Financial Conduct Authority (FCA) revised its rules on crypto promotions, now requiring crypto firms to be registered with the FCA for approval of marketing campaigns or be endorsed by an authorized third party.
In the quest for a new partner, Binance has reportedly approached at least three firms to approve its marketing services. However, these firms have declined the offer after the FCA expressed concerns about potential collaborations with Binance, as disclosed by individuals briefed on the matter.
The spokesperson stated that it is inaccurate to suggest that Binance has been turned down and expressed confidence in providing a “positive update soon.”
The ongoing regulatory challenges highlight the complexity of global cryptocurrency exchanges navigating various regulatory frameworks, with the UK market proving to be a significant hurdle for Binance’s re-entry.
