Crypto exchange Binance says it wants to return to the UK as a “fully licensed and fully compliant” platform, signaling a broader effort to reset its relationship with British regulators after earlier regulatory friction. The company is reportedly making substantial operational changes to align more closely with the expectations of the UK Financial Conduct Authority (FCA).
Binance plans to reapply with the FCA
In remarks cited by local media, Binance CEO Changpeng Zhao said the exchange has re-engaged with UK authorities and believes the relationship with the FCA has improved. He said the company is making significant adjustments to its organizational structure, product offerings, internal processes, and the way it works with regulators in order to build a compliant presence in the market.
The FCA issued a consumer warning in June 2021 stating that no entity in the Binance Group held authorization, registration, or a license to carry out regulated activity in the UK. In August that year, the regulator said Binance was no longer in breach of its rules, while also noting that the company had not applied for a license to operate a crypto exchange.
Targeting registration within 6 to 18 months
Zhao said Binance wants to maintain a presence in the UK and serve local users in a fully compliant manner. He added that the company hopes to become a registered crypto asset firm within six to 18 months, suggesting that its compliance push is now tied to a more defined timeline.
The earlier FCA warning had real banking consequences. Several major UK banks, including Barclays, HSBC, NatWest, and Santander, moved to restrict payments to Binance. That means any successful UK relaunch would likely depend not only on regulatory approval but also on rebuilding trust across the local financial system.
From a “no headquarters” model to formal governance
Binance has also faced warnings or scrutiny from regulators in multiple jurisdictions, including the US, South Africa, Singapore, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Lithuania. In August 2021, the company said it had made regulatory compliance its top priority.
Zhao acknowledged that Binance’s earlier response to regulators—saying it had no headquarters because it was a decentralized organization—made engagement difficult. He said the company now understands that issue more clearly and is in the process of setting up real offices, legal entities, a proper board, and formal governance structures in many places, including the UK. That shift suggests Binance’s UK effort is part of a wider move toward clearer corporate accountability and local regulatory alignment.