Binance to apply for UK FCA license, eyes 2027 relaunch
Binance plans to seek a UK Financial Conduct Authority license and could resume some services for residents in 2027 under the regulator’s new crypto rules.
Binance plans to apply for a license with the UK Financial Conduct Authority and could restart some services for UK residents in 2027, according to reports. The application would target the regulator’s new digital asset framework.
The FCA announced the framework in June. Firms can submit applications from September until Feb. 28, 2027, ahead of the regime taking effect on Oct. 25, 2027. A successful application would allow Binance to offer regulated crypto activities to UK customers subject to the regulator’s conditions.
In June 2021 the FCA determined that Binance Markets Limited was ‘not permitted to undertake any regulated activity in the UK.’ In 2023 the exchange stopped onboarding new UK users after the FCA tightened rules on financial promotions.
A Binance spokesperson declined to comment on licence speculation, repeating the company’s standard response that it ‘does not comment on speculation surrounding potential licence applications.’ The exchange did not answer questions about its current operations in the UK.
David Geale, the FCA’s executive director of payments and digital finance, described the framework as holding crypto companies to ‘similar standards’ as other UK financial service providers. The rules require firms to meet consumer protection, market integrity and prudential obligations.
Applicants must demonstrate governance, anti-money-laundering controls and, where applicable, systems for safeguarding customer assets. Firms that do not obtain approval will be unable to carry out regulated crypto activities in the UK once the regime is in force.
The UK government is developing digital asset legislation to bring crypto firms under the same supervisory structure as other financial services and to set timelines and standards for authorisation.
Binance’s plan to seek a license follows several years of increased regulatory scrutiny of major crypto exchanges. If approved, the licence would allow the company to re-establish licensed services for UK customers.
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