Binance faces uphill battle to re-enter UK crypto market

Cryptocurrency exchange giant Binance is struggling to re-establish services in the UK following an October suspension, reports Bloomberg. Recent Financial Conduct Authority (FCA) rule changes require crypto firms to register or partner with approved marketers.

Binance sought deals with at least three potential partners. However, these firms declined involvement after FCA warnings about working with Binance, people familiar with the matter said.

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The FCA had previously hindered a partnership between Binance and Rebuildingsociety.com due to registration requirements. The recurring regulatory interventions underscore the challenges Binance faces in its efforts to return to the UK market.

Binance disputes its outright rejection by authorities so far. Nonetheless, its compliance burden grows as regulators worldwide tighten industry oversight amid concerns about volatility in the crypto sector.