Share this article
Binance Is Facing Regulatory Headwinds as It Tries to Re-Enter UK Market: Bloomberg
The largest crypto exchange in the world stopped offering its services to U.K. customers in October after it failed to comply with a rule change made by regulators last year.
Updated Mar 8, 2024, 8:52 p.m. Published Feb 1, 2024, 5:05 p.m.
Binance, the world’s largest crypto exchange, is facing challenges as it attempts to re-enter the U.K. market after it suspended services in the country in October, people familiar with the matter told Bloomberg.
The U.K.’s Financial Conduct Authority last year changed its crypto promotion rules, which require crypto firms to be registered with the FCA to be able to approve marketing campaigns, or to be approved by an authorized third party. Binance had attempted to partner with Rebuildingsociety.com in order to comply with the new rule, but the FCA blocked the partnership.
STORY CONTINUES BELOW
In an effort to find a new partner, at least three firms who have been contacted by Binance to approve its marketing services have declined the offer after the FCA expressed concerns about the firms potentially working with Binance, according to the people that spoke with Bloomberg.
A spokesperson for the exchange told Bloomberg that it is inaccurate to say that Binance has been rejected by approvers in the U.K. and that it is confident that it will have a "positive update soon."
CORRECTION (Feb. 1, 17:23 UTC): Removes stray "21" from final paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Polish Government Urges President to Sign Crypto Bill He Already Rejected: Report
The Polish government reintroduced crypto legislation without changing a single period, after telling the president he needs to sign it to avoid Russian-linked security threats.
What to know:
- Poland's government has reintroduced a cryptocurrency bill that was vetoed by President Karol Nawrocki, with Prime Minister Donald Tusk urging its passage to address national security concerns linked to Russia and former Soviet states.
- The Cryptoasset Market Act aims to align Poland's regulations with the EU's Markets in Crypto-Assets regime, providing a unified framework for crypto oversight.
- President Nawrocki vetoed the bill, citing concerns over stringent regulations that he believes threaten the freedom and stability of Polish citizens.
Top Stories
