Home Regulation Binance chief strategy officer criticizes US crypto rules; exchange wants to be regulated in UK

Binance chief strategy officer criticizes US crypto rules; exchange wants to be regulated in UK

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Binance Chief Strategy Officer Patrick Hillman criticized the US regulatory landscape at a live event. May 10th.

Hillman says America is in a ‘strange place’

Hillman told the Financial Times’ Crypto and Digital Assets Summit that regulations are making it difficult for Binance to operate in the United States.

He also claimed that the US regulatory landscape had been “very confusing over the past six months” and said the country was in a “strange situation.”

On March 27, Binance was accused by the Commodity Futures Trading Commission (CFTC) of providing U.S. users with illegal access to its products.

However, Hillman suggested the US was undergoing a “broader regulatory shift” and said Binance’s concerns weren’t limited to the CFTC issue. He argued that the U.S. needed to turn around to meet Europe’s new MiCA law.

Binance CEO Changpeng Chao likewise endorsed the MiCA rule, which would allow companies to apply for a single license to operate in multiple EU countries.

Binance Aims for UK

Despite supporting EU rules, Hillman told the Financial Times that Binance “does everything.” [it] May be regulated by UK law.

This echoes statements from Binance rival Coinbase, which is currently being targeted by the U.S. Securities and Exchange Commission (SEC). Coinbase announced on April 19 that it may move to the UK to operate under clearer regulations.

However, Binance appears to be at a disadvantage in the UK, as UK regulators have taken action against crypto exchanges in the past. In mid-2021, the UK’s Financial Conduct Authority (FCA) issued a warning against working with Binance, leading to several banks refusing to support customer transactions with Binance.

Binance has announced plans to launch services in the UK in 2021. The Financial Times noted that Hillman did not say whether the application was still running.

but, Current FCA data indicates that since 2018, 3 Binance entities have not been approved and 1 Binance entity has applied for cancellation of the application.

PostBinance Chief Strategy Officer Criticizes U.S. Cryptocurrency Rules. The exchange wanting regulation in the UK made its first appearance on CryptoSlate.

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