Binance to plan UK relaunch with FCA license application: Report
Binance’s UK arm has been barred from offering regulated activities in the country since June 2021, but the company will reportedly move to secure licensing under new crypto rules.
Binance, the cryptocurrency exchange, is reportedly set to apply for a license with the UK's Financial Conduct Authority (FCA) in an expected relaunch of certain services for residents in 2027, according to a report by The Telegraph. The FCA had previously barred Binance's UK arm, Binance Markets Limited, from offering regulated activities in the country since June 2021.
The company halted onboarding of new users in response to the UK watchdog's rules on financial promotions in 2023. A Binance spokesperson declined to comment on speculation surrounding potential license applications. Companies must submit applications for the FCA's crypto regulatory framework, which will be in effect from September to February 28, 2027, with the regime going live on October 25, 2027.
The framework aims to hold crypto companies to "similar standards" as other UK financial service providers. Additionally, Binance has been reported to restrict transactions involving HTX and 10 other crypto platforms.
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