Binance Plans FCA Crypto License Application Next Month in Bid to Reenter UK Market

Binance is preparing to apply for authorization under the U.K.'s new cryptocurrency regulatory framework as it seeks to return to the local market.

Ublockchain, citing the Telegraph, reported on Aug. 17 that Binance plans to apply to the Financial Conduct Authority for a crypto-asset business license.

The FCA will begin accepting applications under the new regime on Sept. 30. The framework is due to take full effect on Oct. 25, 2027.

Under the new rules, crypto firms must establish a business presence in the U.K. and meet standards for management, governance and regulatory compliance. Binance is also expected to set up a local board as part of the licensing process.

In 2021, the FCA restricted Binance's U.K. entity from carrying out regulated activities. Binance later suspended new U.K. user registrations in 2023 after the country changed its rules governing promotions for crypto financial products.