Binance Is Facing Challenges In The United Kingdom.

The exchange is experiencing difficulties in finding new partners.

The world's largest cryptocurrency exchange, Binance, is facing challenges in finding partners to resume operations in the United Kingdom.

For Binance to return to the UK market, it needs to obtain approval in accordance with local regulations. The Financial Conduct Authority (FCA) allows companies to conduct financial promotions once this approval is obtained.

According to Bloomberg sources, Binance has been rejected by three companies with regulatory approval. The exchange encountered these difficulties following restrictions imposed by Rebuildingsociety.com (REBS), the FCA's former validator, which caused it to lose its partner in the UK in October.

The FCA prohibited REBS from promoting Binance products and accepting new users for the exchange. This led Binance to search for a new partner. Additionally, the FCA conveyed its concerns to companies considering a partnership with Binance, hindering the exchange's progress.

Binance denied facing difficulties in finding a new partner and stated, "We continue to engage with potential validators, and we are confident that we will provide a positive update soon."

Binance officially canceled its registration with the FCA in May 2023.

These challenges faced by Binance may stem from its legal issues overseas. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its former CEO, Changpeng Zhao, in June 2023, alleging unregistered securities sales and other charges.

Zhao admitted to violating the requirements of the US Bank Secrecy Act. Furthermore, he stepped down from his position as CEO as part of an agreement with the US Department of Justice.

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