- Binance has drawn the ire of many different global regulators.
- American regulatory hostilities cause the company to look to the United Kingdom.
- The UK is poised to be a cryptocurrency hub and potentially home to Binance.
Many of the same cryptocurrency household names are found on the websites of the US Securities and Exchange Commission (SEC) and other US regulators, including Binance. However, hostile regulations make the world’s largest stock exchange look to different shores.
Binance Chief Strategy Officer Patrick Hellman He saidat the same time, that the US “has been very confusing for the past six months” and that the exchange will do “everything we can” to be regulated in the UK.
Like us It continues to push crypto companies awaythe United Kingdom is working to open its doors.
UK more nimble than the EU?
At the same time conference Where Hillman condemned the American position, London City Minister Andrew Griffiths said there were regulatory proposals to “build an economy built on technology and innovation”.
The United Kingdom has been vocal about cryptocurrency adoption, proposing various regulations to become a global hub for the industry. However, the UK government is competing with EU MiCA regulationsthat passed recently.
Despite tracking the EU in implementing encryption rules, the government argues its approach will be more “gracefulfrom the European Union.
Although the UK framework is not yet fully fleshed out, it is clear in the country’s approach that it will aim to foster innovation while protecting users – in stark contrast to US regulations through enforcement, which have already affected Binance.
Binance is in the sights of the regulator
In recent months, Binance has been targeted by both Commodity futures trading commission and the Ministry of Justice. the Securities and Exchange Commission She is also in her case over alleged connections between Binance and the US subsidiary of Binance.
The British financial watchdog, the Financial Conduct Authority (FCA), said in 2021 that the company had failed to provide basic information about its business, adding He was “unable to supervise effectively.”
Despite this clash with the FCA, Hillman stated that Binance would do “everything we can” to become fully regulated in the UK as it sees no point in seeking a stake in the US at this time.
on the flip side
- Hillman showed some optimism that the current position of the United States could change. “I expect at some point the United States will want to pivot and play catch-up with Europe, which has just overtaken Mica, which is a big step forward,” he said.
Why should you bother
US hostilities towards cryptocurrency companies are starting to take their toll. The United States is no longer a destination for blockchain and cryptocurrency innovation and could leave a superpower lagging behind in any technological arms race.
Read more about the SEC’s suspicions between Binance and Binance.
Binance Leaks Spark SEC Trouble, ‘Nuclear Fall’ouR“.
Read more about PayPal’s $1 billion crypto holdings:
The Truth About PayPal’s $1 Billion Crypto Holdings File To The Securities and Exchange Commission (SEC).