Binance reportedly planning to apply for UK FCA license

Cryptocurrency exchange Binance is reportedly planning to apply for a license with the UK’s Financial Conduct Authority (FCA) in a move expected to relaunch certain services for residents in 2027.

According to a Saturday report from The Telegraph, Binance will apply for the UK license as new digital asset laws are set to take effect in the country. The FCA said in June 2021 that Binance’s UK arm, Binance Markets Limited, was “not permitted to undertake any regulated activity in the UK,” and the exchange announced in 2023 that it would halt onboarding of new users in response to the UK watchdog’s rules on financial promotions.

A Binance spokesperson told Cointelegraph that the exchange “does not comment on speculation surrounding potential licence applications.” The company did not respond to questions on its existing operations in the UK.

Under the FCA’s crypto regulatory framework, announced in June, companies will have from September until Feb. 28, 2027, to submit applications before the regime goes live on Oct. 25, 2027. David Geale, executive director of payments and digital finance at the FCA, said the framework would hold crypto companies to “similar standards” as other UK financial service providers.