Cryptocurrencies
Binance Push to Re-Enter UK Foiled by Regulatory Challenges
- UK regulator had expressed concerns to firms about Binance
- New CEO Teng is trying to rebuild credibility with regulators
Under Section 21 rules adopted last year, most digital-asset service providers are required to work with third-party companies to offer services in the country.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Binance Holdings Ltd.’s efforts to re-enter the UK market are being frustrated by reluctance among prospective local partners to work with the world’s biggest cryptocurrency exchange amid regulatory opposition.
At least three UK firms with regulatory permission to approve communications between crypto platforms and their clients have rebuffed requests from Binance in recent months, people with knowledge of the matter said, requesting anonymity to discuss private deliberations.