United

when

<p>As Binance, a titan in the global crypto exchange arena, gears up for a grand re-entry into the <a href="https://www.cryptopolitan.com/uk-confiscates-1b-bitcoin-chinese-fraudsters/" data-type="post" data-id="455982" rel="noopener noreferrer nofollow">UK</a> market, it’s hitting more roadblocks than a rush-hour traffic jam. Despite its global clout, Binance is finding the UK landscape a tough nut to crack. With stringent local regulations mandating an authorized approver for financial promotions, Binance is in a bit of a pickle.<a href="https://cointelegraph.com/news/binance-faces-barriers-reestablishing-uk-presence-bloomberg" rel="noopener noreferrer nofollow" target="_blank"> </a></p>
<h2 class="wp-block-heading" id="binance-and-regulatory-hurdles-in-the-uk">Binance and Regulatory Hurdles in the UK</h2>
<p>The Financial Conduct Authority (FCA), UK’s financial watchdog, plays no games when it comes to compliance. It insists that any financial promotions must pass through an FCA-authorized approver. This rule has become a significant obstacle for Binance, as it’s been shown the cold shoulder by at least three firms with this golden ticket of regulatory permission, according to sources. The twist in the tale came when Binance’s UK partner, Rebuildingsociety.com (REBS), got a red flag from the FCA, halting Binance’s operations and leaving it partner-less and paused in the UK.</p>
<p>While Binance brushes off these challenges, claiming productive ongoing discussions with potential partners, the road ahead seems bumpy. The FCA’s raised eyebrows about businesses partnering with Binance have cast a long shadow over the exchange’s UK ambitions. Binance’s ordeal in the UK began to intensify when it voluntarily withdrew its FCA registration through its subsidiary, Binance Markets Limited, in May 2023. This retreat followed a decision to abandon regulatory permissions for certain activities in the UK – a market where Binance, as of now, has no FCA-sanctioned presence.</p>
<h2 class="wp-block-heading" id="legal-troubles-and-controversies">Legal Troubles and Controversies</h2>
<p>The plot thickens with Binance’s legal tribulations elsewhere. In June 2023, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its former CEO, Changpeng Zhao. The allegations? Offering unregistered securities and engaging in wash trading, among others. Zhao, having pleaded guilty to violating U.S. Anti-Money Laundering requirements, agreed to relinquish his CEO position in a multi-billion dollar settlement. His sentencing, looming in late February, adds another layer of complexity to Binance’s global narrative.</p>
<p>Adding fuel to the fire, Binance faces a lawsuit from families of Hamas’ victims in Israel, accusing it of facilitating transactions linked to the terrorist group and others in the region. The complaint, filed in a U.S. District Court, alleges Binance’s role in processing transactions for Hamas, designated as a terror group by the U.S., U.K., and others, between 2017 and 2023. Reports indicate that more than 100 Binance accounts suspected of links to Hamas were frozen at the request of Israeli law enforcement following attacks that resulted in over 1,000 deaths and numerous hostages.</p>
<p>In the backdrop of these legal entanglements, Binance’s efforts to re-establish itself in the UK market are akin to navigating a minefield. The challenge is not just about finding a compliant partner but also about restoring trust in a market that’s increasingly wary of the legal shadows trailing the crypto behemoth. Binance’s struggle in the UK is emblematic of the broader challenges facing the crypto industry – balancing innovation and growth with regulatory compliance and ethical operations.</p>

Challenges mount for Binance in UK return efforts

Table of Contents

Cryptopolitan_News

Other articles published on Feb 1, 2024

UwU Lend’s Expansion into New Markets with Curve Integration

Binance and Hamas connection alleged in major financing lawsuit

Binance GitHub Leak Investigated – What You Need to Know

Sei Price Prediction: SEI Plummets 10% While This Innovative ICO That Cathie Wood Might Love Race...

Decoding The Possibility Of Bitcoin (BTC) Price Dropping Below $38K in February

Luganodes joins forces with Stacks Layer to enhance Bitcoin L2 and offer rewards

Join our free newsletter for daily crypto updates!