Binance chief strategy officer criticizes US crypto rules; exchange wants to be regulated in UK
Binance Chief Strategy Officer Patrick Hillman criticized the US regulatory environment during a live event. May 10th.
Hillman says America is in a ‘strange place’
Hillman said at 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 US needs to change course to keep up with Europe’s new MiCA legislation.
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 said on April 19 that he could 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 to cancel its application.
Binance Chief Strategy Officer Criticizes US Crypto Rules. The exchange wants to be regulated in the UK and first appeared on CryptoSlate.
