Binance eyes UK return with FCA license application: Report
The FCA restricted Binance's UK operations in 2021, saying its UK entity was not capable of being effectively supervised.
Binance is preparing to apply for a UK crypto license as new Financial Conduct Authority rules pave the way for a potential return to the market, according to a recent report from The Telegraph.
The FCA is expected to begin accepting applications next month, with the new digital asset regime scheduled to take effect in October 2027. Firms will need a UK presence, adequate financial and operational resources and must satisfy regulators that they are “fit and proper.” Binance is expected to form a UK-based board as part of the process.
The anticipated comeback follows years of regulatory restrictions. The financial watchdog imposed restrictions on Binance in 2021 and later blocked its UK partner from approving the exchange’s financial promotions.
A pattern of regulatory friction
In late June, Binance pulled its Markets in Crypto-Assets (MiCA) license application in Greece. The company plans instead to pursue authorization elsewhere in the EU, saying the decision was driven by the current status and timeline of the Greek process.
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According to The Big Whale, European Central Bank President Christine Lagarde played a key role in blocking the Greek route, which had already cleared most regulatory hurdles.
The exchange did not identify its next target jurisdiction but said Europe remains a key market and that it expects to secure authorization in the coming months.