The largest cryptocurrency exchange Binance is encountering difficulties in its attempt to return to the British market. In October 2023, local regulators restricted Binance's activities in the United Kingdom, leading to the need to comply with new regulatory requirements.
One of the key changes in the rules of the UK Financial Conduct Authority (FCA) was the requirement for companies to undergo preliminary registration with the FCA before launching advertising campaigns. Binance tried to meet these requirements by partnering with Rebuildingsociety.com, but the FCA blocked this collaboration as Rebuildingsociety.com did not have the necessary accreditation.
In search of a new partner, Binance's leaders held meetings with representatives of several companies, but all of them refused to cooperate after the FCA expressed concerns about Binance's activities. Despite these difficulties, a Binance representative expressed confidence that the company would find a solution to return to the British market.
Binance, founded in July 2017 by Asian entrepreneur Changpeng Zhao, quickly became the leading cryptocurrency exchange in the world. It was initially launched in China, but soon moved its operations to other countries due to changes in Chinese legislation.
