Binance seeks to re-enter UK market with FCA licence application

Binance prepares for a return to the UK market. The world’s largest crypto exchange wants to apply for a licence from the UK Financial Conduct Authority (FCA) under the new crypto regulatory regime that comes into force next year. That is according to The Telegraph. It is a remarkable step, because the FCA already restricted Binance’s activities in the United Kingdom in 2021, and in 2023 the company stopped accepting new UK users.

In brief:

• Binance wants to apply for an FCA licence to return to the UK market.
• The application window opens on 30 September 2026, and the new regime takes effect on 25 October 2027.
• Binance is also under investigation by US authorities over alleged sanctions violations.

Application window opens on 30 September 2026

According to Wu Blockchain, the FCA will open the application window for crypto licences on 30 September 2026. The corresponding regulatory regime will then take effect on 25 October 2027. Companies that want to operate in the UK market must establish a local presence and comply with requirements regarding licensing, governance and compliance.

As part of that process, Binance is expected to establish its own UK board of directors. Under the new legislation, crypto companies need permission from the FCA before they allow UK customers to trade.

Strained relationship with UK regulator

The licence application would mark a major turnaround for Binance in the United Kingdom. In 2021, the FCA already prohibited Binance’s UK branch from carrying out regulated activities. Two years later, in 2023, the exchange stopped accepting new UK users after the country tightened its rules on financial promotions.

Binance also faces regulatory problems elsewhere. US authorities are said to be investigating the exchange over allegations that it helped Iran circumvent sanctions and move billions on behalf of the Revolutionary Guard. Earlier, Blockchainstories also reported on how Binance provided user data to Russia that led to a terrorism case.

Binance itself says it does not tolerate illegal activities and denies the allegations that it deliberately gave Iran access to the platform.