Binance, the world’s most popular cryptocurrency exchange, has attacked the Biden administration’s crackdown on the industry and said it hopes to gain regulatory approval in the UK.
Patrick Hillmann, the company’s chief strategy officer, said it was a “very difficult time” to do business in the US and that the situation had been “very confusing over the past six months”.
Meanwhile, he said the company would do “everything we possibly can” to secure approval in the UK.
US regulators have taken on cryptocurrency companies including Binance and Coinbase amid a market collapse in which FTX, one of the world’s biggest online exchanges, went bankrupt.
Last month Brian Armstrong, Coinbase’s chief executive, suggested he could relocate the company out of the US, with the UK as an option.
Mr Hillmann told the Financial Times’s crypto and digital assets summit there had been a wide “regulatory pivot ... in the US” and predicted that American authorities would have to reverse course if investment shifts to Europe after the introduction of the EU’s “Mica” set of crypto rules.
“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,” he said.
Referring to actions taken by the Securities and Exchange Commission, which has threatened to sue rival Coinbase, Mr Hillmann said the US “right now is in this weird place”.
The Commodity Futures Trading Commission (CFTC) has sued Binance and its chief executive Changpeng Zhao, saying the exchange has been operating illegally in the country.
The company is also under investigation from the US Justice Department.
Binance has been seeking to restore its relationship with regulators in the UK after the Financial Conduct Authority (FCA) banned a subsidiary of the company from operating in the UK.
Binance allows UK customers to buy and sell cryptocurrency, but is not regulated in Britain.
It was recently dropped by its payments partner, which said the regulatory environment was “too challenging”.
The FCA had raised concerns over Binance’s deal with Paysafe, the company’s payments provider.
Binance was initially based in China but moved its headquarters out of the country. It has had a holding company in the Cayman Islands but has refused to state where its headquarters is, prompting criticism from regulators.
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May 10, 2023 at 10:30PM
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Biden's crypto crackdown makes it 'very difficult' to do business in US, says Binance - The Telegraph
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