Popular cryptocurrency exchange Binance is facing numerous challenges as it tries to re-establish its presence in the #UK market.
According to Bloomberg, the Financial Conduct Authority (FCA) is pressurising the exchange by preventing it from registering.
In October 2023, Binance decided to stop registering UK users. The company attributed the move to recent regulatory changes regarding the promotion of #cryptoasset services. It seems that the exchange's attempts to establish a media partnership with Rebuildingsociety.com have been met with rejection by the FCA. The regulator's website explicitly states that it cannot support such services.
Shortly afterwards, the head of Binance's UK division left his post, further emphasising the problems facing the #exchange.
Despite these obstacles, Binance is persistently trying to re-enter the UK market. Bloomberg reports that the exchange has approached several companies authorised by the FCA to promote cryptoasset services, but all these attempts have so far failed to bear fruit. Sources suggest that the FCA is wary of these organisations collaborating with Binance, although the agency has refrained from commenting on the matter.
"We are in productive discussions with several potential partners and remain confident that we will be able to share positive news soon"said a Binance spokesperson, refuting all allegations in the denial.
