Binance chief strategy officer criticizes US crypto rules; exchange wants to be regulated in UK
Binance’s Chief Strategy Officer Patrick Hillman criticized the United States’ regulatory landscape during a live event on May 10.
Hillman says U.S. is in a “weird place”
Hillman said during the Financial Times’ Crypto and Digital Assets Summit that regulations have made it difficult for Binance to work in the U.S.
He also asserted that the U.S. regulatory landscape has “been very confusing over the past six months” and said that the country is in a “weird place.”
Binance received charges from the Commodity Futures Trading Commission (CFTC) on March 27, alleging it provided U.S. users with illegal access to commodities.
However, Hillman suggested that the U.S. is undergoing a “broader regulatory pivot” and said that Binance’s concerns are not limited to issues with the CFTC. He argued that the U.S. will need to change direction to keep up with Europe’s new MiCA laws.
Binance CEO Changpeng Zhao has similarly endorsed MiCA rules, which allow companies to apply for a single license to operate in multiple EU countries.
Binance aims for the U.K.
Despite endorsing EU rules, Hillman told the Financial Times that Binance would do “everything [it] possibly can” to be regulated under U.K. law.
That mirrors statements from Binance’s rival, Coinbase, which is currently being targeted by the U.S. Securities and Exchange Commission (SEC). Coinbase said on April 19 that it could move to the U.K. to work under clearer regulations.
Binance, however, appears at a disadvantage in the U.K., as the country’s regulators have taken action against the crypto exchange in the past. In mid-2021, the U.K.’s Financial Conduct Authority (FCA) issued a warning against working with Binance, leading several banks to refuse to support customer transactions with Binance.
Binance announced plans for a U.K. launch in 2021. The Financial Times noted that Hillman did not state whether that application is still active today.
However, current FCA data indicates that three Binance entities are not authorized and that one Binance entity has applied to cancel its application since 2018.
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