Cryptocurrency exchange Binance is reportedly preparing to seek a licence from the UK’s Financial Conduct Authority (FCA) as new regulatory rules for digital assets come into force, with potential relaunch of services for UK residents by 2027. The FCA barred Binance Markets Limited from conducting regulated activity in the UK in June 2021, prompting the exchange to halt onboarding of new users in 2023.
The FCA has set a deadline of 28 February 2027 for crypto firms to submit licence applications under its new regulatory framework, which will apply similar standards to those governing traditional financial services. The regime, expected to take effect on 25 October 2027, aims to bring greater oversight to the crypto sector.
David Geale, executive director of payments and digital finance at the FCA, said the framework would ensure crypto firms operate under “similar standards” to other UK financial service providers. However, Binance has not confirmed its intentions, with a spokesperson stating the company does not comment on speculation about potential licence applications.
Binance’s reported plans for a UK licence remain unverified, and the exchange has not provided details on its current operations in the country. The FCA’s application window, open until early 2027, allows firms to prepare for the new rules, which will require compliance with stringent regulatory requirements.
Written by Steven Cook
Regulation Desk
