- Binance says that the US turns out to be a weird place.
- The chances of relocating the crypto exchange firm to the UK are higher.
Today, Binance has declared its crypto focus on the United Kingdom (UK) than on the United States (US) since it has become harder to tackle the Biden administration. The chief strategy officer of Binance, Patrick Hillman commented that the last 6 months have been confusingly hectic for the US businesses, on a digital asset summit happening in London.
Hillman says that there is a possibility of everything for Binance’s secure approval in the United Kingdom. All the recent issues over the crypto exchange companies like Binance, and Coinbase took forward by the U.S. regulators once after the FTX bankruptcy.
Will Binance Shift to the UK?
On a recent note, Coinbase kept an option of relocating to the UK, said Brian Armstrong, the CEO. This would be a possibility that the UK is better safe to build a crypto community. Whereas, Hillman added:
“I expect at some point the US is going to want to pivot and play catch-up to Europe, which just passed Mica, which is a huge step forward”
The United States Securities and Exchange Commission (U.S. SEC) actions are frightening the crypto community including the sue controversy of Coinbase, said Hillman. Additionally, the CEO of Binance, Changpeng Zhao, was sued by the Commodity Futures Trading Commission (CFTC) for illegal operations. All these issues make the country seem quite weird for businesses.
Currently, Binance is under United States Justice Department investigation. Irrespective of the subsidiary ban of Binance by the Financial Conduct Authority (FCA), the firm tries to join hands with the UK allowing their customers to trade cryptocurrencies yet this is not regulated in Britain. Furthermore, there are concerns from FCA with PaySafe.
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