Binance’s efforts to return to the UK market are bluntly rejected twice, by lawyers and potential partners.
According to a report from Bloomberg, the crypto exchange has approached at least three licenses to find approval of crypto platform messages from approved UK firms, but all three have refused to do so after receiving issues rooted out by the FCA.
The crypto exchange setback has been dealt at this crucial time when the CEO of Binance is making efforts to re-establish credibility with regulators after it was involved in a series of past regulatory matters. The FCA has issued warning notes about the Binance, hence creating an unwanted environment to its potential partners.
Despite its official intentions, Binance deals with a deadlock in the United Kingdom without partners who are interested in local projects.
This news demonstrates the fact that crypto companies were faced with challenges when attempting to venture into regulated markets and therefore, obtaining compliance and necessary approval is of crucial importance.
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