Since the SEC has toughened its tone against crypto firms, the business environment has deteriorated significantly for the latter. Many of them evoke desires to leave the country. Failing that, they strategically refocus their operations.
UK: Prime Target for Binance Operations
The weather is hot for Binance in the US. Having already lost its hegemony in the first quarter, the company must wrestle with legal proceedings. The situation is such that some are wondering whether to flee the company.
Aware of the situation, the platform plans to reorient itself elsewhere. According to information that leaked on Wednesday May 10, the United Kingdom would be the destination targeted by the exchange. And Binance intends to follow the rules to establish itself there.
The reasons for this choice seem obvious: crypto regulation is progressing in the country, unlike in the United States. Patrick Hillmann, Chief Strategy Officer of Binance, particularly highlighted this fact.
Indeed, on the occasion of the Crypto and Digital Assets Summit of the Financial Times, the official castigated this American dynamic. For him, the regulatory efforts of the United States “have been very confusing over the past six months.”
The situation is confirmed by facts. For example, Coinbase also suffers the wrath of regulators. Like Binance, the exchange has also discussed plans to shift its business outside of the United States. This, for the same reasons.
Meanwhile, the UK aims to be “competitive for sustainable finance”. An ambitious project which integrates cryptos and which in fact makes the country attractive for firms like Binance.
Recently, Changpeng Zhao, the exchange’s CEO welcomed the UK’s regulatory breakthroughs. This, even though the British subsidiary of the platform has been banned from activity since 2021. It doesn’t matter. This does not change the opinion of the CEO.
“The introduction of formal regulatory admission practices, alongside greater market surveillance and regulations in general, will help reduce bad actors,” posted the manager on his Twitter account.
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