Cryptocurrency exchange Binance has said that regulatory crackdowns on cryptocurrencies have made conducting business in the United States challenging and is now looking for regulation in the UK.
During the Financial Times’ Crypto and Digital Assets Summit, Binance’s Chief Strategy Officer, Patrick Hillmann, admitted that the recent actions taken by the U.S. Securities and Exchange Commission against rival exchange Coinbase for allegedly violating securities laws are an indication of how “the U.S. right now is in this strange place.” Hillmann expressed the company’s commitment to doing “everything we possibly can” to be regulated in the UK.
Previously, Binance had a conflict with UK regulators who suggested that the exchange was incapable of being regulated due to its failure to provide necessary information about its business activities. In June 2021, the FCA banned Binance from undertaking any regulated activity in the country.
The crypto exchange has faced scrutiny from US regulators this year. Earlier in March, the Commodity Futures Trading Commission filed a lawsuit against Binance, alleging that it had illegally operated in the country and violated the law by excessively soliciting customers from the US. Binance expressed surprise and disappointment at the CFTC’s complaint when it was issued.
Binance’s US arm recently decided to abandon the $1 billion dollar bid to acquire the assets of bankrupt crypto lender Voyager.
