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Binance seeks UK approval as FCA licensing rules tighten
The exchange plans to apply for an FCA cryptoasset licence when applications open next month, ahead of stricter UK requirements due to take effect in October 2027.
Binance is preparing to make a renewed push to operate in the United Kingdom, with plans to seek regulatory approval from the Financial Conduct Authority. The company is expected to apply for an FCA cryptoasset licence when applications open next month, according to Yahoo Finance citing The Telegraph.
The move comes ahead of a new UK regulatory regime that will impose stricter standards on crypto exchanges serving UK customers. Under the rules due to take effect in October 2027, exchanges are expected to maintain a UK presence, have sufficient financial and operational resources, and ensure senior managers meet the regulator's “fit and proper” requirements.
As part of its application, Binance is expected to establish a UK based board, the report said. Binance has previously faced setbacks in the UK, including an FCA order in 2021 for its UK entity to stop activities and subsequent restrictions in 2023 that limited promotions through a local partner, effectively halting new UK customer onboarding.
Binance has also encountered major regulatory issues in the United States, including a 2023 agreement to pay $4.3 billion to settle charges tied to failures in anti money laundering and sanctions controls, and the later prison sentence of founder Changpeng Zhao. Separately, Binance said in late June that it would suspend or restrict services for certain EU customers after failing to secure a license under the EU’s MiCA framework.