Binance Plans UK FCA License Application, Targets Partial Service Resumption in 2027
Summary
- Binance is preparing to re-enter the UK market by seeking a Financial Conduct Authority license.
- The exchange plans to apply for an FCA license under the new digital-asset regime and is considering resuming some services for UK users in 2027.
- The FCA's regulatory framework gives firms until Feb. 28, 2027 to submit license applications, with the rules taking effect on Oct. 25, 2027.
Forecast Trend Report by Period
Binance is preparing to re-enter the UK market by pursuing a license from the Financial Conduct Authority.
Cointelegraph reported on Aug. 17, citing The Telegraph, that Binance plans to apply for an FCA license in line with the UK's new digital-asset regime. The exchange is considering resuming some services for UK users in 2027.
Binance's clash with UK regulators dates back several years. In June 2021, the FCA told Binance Markets Limited, its UK entity, that it could not carry out regulated activities in the country. Binance later stopped onboarding new UK users in 2023 in response to the FCA's financial promotions rules.
Binance told Cointelegraph it does not comment on speculation about a potential license application. The company did not respond to questions about its current operations in the UK.
The FCA set out its crypto-asset regulatory framework in June and gave companies from September through Feb. 28, 2027 to apply for licenses. The rules will take effect on Oct. 25, 2027. David Geale, the FCA's executive director for payments and digital finance, said the framework would hold crypto firms to standards similar to those applied to other UK financial services providers.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.