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Binance Sets Sights on UK Amid US Crypto Crackdown

2 mins
Updated by Michael Washburn
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In Brief

  • A Binance executive adds his voice to the rising chorus denouncing the harsh US regulatory regime.
  • Chief Strategy Officer Patrick Hillmann sees the UK as more favorable and forward-looking.
  • The UK regulatory climate may woo crypto players in spite of a crackdown on crypto ATMs.
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Binance’s Patrick Hillmann criticized US regulations while expressing interest in the United Kingdom as a preferred regulatory environment. The jurisdiction’s proactive engagement and positive industry feedback have made it an appealing alternative to the United States. Hillmann is far from the only voice in the crypto space to express frustration with the state of things in America.

Binance has launched another broadside at the US regulatory approach to crypto. The firm’s chief strategy officer, Patrick Hillmann, said at the Financial Times’ May 9 crypto and digital assets summit that the US “has been very confusing over the past six months.” He added it was a “very difficult time” to do business in the country.

Binance Looks to the UK

Hillmann also suggested that the UK may become Binance’s destination of choice in the future. At the event, he said Binance would do “everything we possibly can” to be regulated in the UK.

In 2021, London regulators chastised Binance for its failure to disclose fundamental business details. In 2021 the Financial Conduct Authority (FCA) asked Binance to cease regulated activities in its jurisdiction. However, this did not stop UK customers from trading on the exchange.

Hillman wouldn’t confirm whether the company had submitted a fresh application to the FCA’s registration regime.

UK Approach Seen as Positive

Binance currently has no fixed headquarters. Although, the exchange used to be based in Shanghai, Tokyo, and then Malta. Binance’s holding company is situated in the Cayman Islands. Even so, the company asserts that it does not possess a central headquarters.

Since February, the UK has been actively seeking public input on its planned approach to the cryptocurrency sector. The most recent consultation period wrapped up on April 30, having attracted significant participation from prominent players in the industry.

Earlier this year, BeInCrypto revealed that the UK Treasury and Bank of England were taking a deliberately cautious approach to crypto regulation. “There are advantages to being second or third in terms of looking at what works, capitalizing on that, and fixing anything that might not be working,” said Dr. Lisa Cameron MP in an interview with BeInCrypto.

The UK Prime Minister, Rishi Sunak, has gone so far as to express his desire for the UK to be a crypto hub.

The FCA’s strict stance on crypto ATMs serves as a reminder that its attitude is not generally laissez faire. Although, noises from the crypto industry about the UK’s approach have been generally positive. Particularly when contrasted with the US regulatory regime.

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Josh Adams
Josh is a reporter at BeInCrypto. He first worked as a journalist over a decade ago, initially covering music before moving into politics and current affairs. Josh first owned Bitcoin in 2014 and has followed the space ever since. He is particularly interested in Web3 adoption, policy and regulation, CBDCs, privacy, and the future of the metaverse.
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