Binance Holdings Ltd. encounters obstacles in its attempt to re-enter the UK market, grappling with hesitancy from local partners amidst regulatory opposition. The Financial Conduct Authority (FCA) has expressed concerns to UK firms authorized for crypto communications, resulting in refusals to engage with Binance.
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Despite CEO Richard Teng’s diligent efforts to restore global trust, Binance continues to wrestle with persistent regulatory challenges. The FCA’s reservations highlight the uphill struggle the cryptocurrency giant faces in securing partnerships, particularly following the resignation of its founder, , amid a substantial $4.3 billion penalty settlement with US authorities.
At least three UK firms, operating under Section 21 rules, have rejected Binance’s requests to approve communications with clients. The influence of the FCA on these rejections amplifies the prevailing skepticism surrounding Binance’s operations, intensifying the hurdles to its market re-entry.
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Post-Termination Setback
Binance had to suspend access for new UK customers in October after the FCA terminated its agreement with Rebuildingsociety.com. The reluctance of local partners further complicates Binance’s endeavor to re-establish its presence in the UK market.
Binance, however, denies claims of being rebuffed, asserting ongoing discussions with potential partners. A spokesperson for the FCA declined to comment, maintaining silence on the matter. Binance remains optimistic, stating,
“We continue to have productive conversations with potential approvers and are confident that we will be able to provide a positive update soon.”
Binance has faced global regulatory scrutiny, notably in the US, with penalties incurred for violating sanctions and anti-money laundering laws. Founder Zhao’s current legal situation adds another layer of complexity to Binance’s global operations.
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