Binance considers the UK as an alternative to the US
Binance Chief Strategy Officer Patrick Hillman assured that the current US environment poses significant challenges
During a recent interview, Patrick Hillmann, Binance’s Chief Strategy Officer (CSO), expressed his opinion that the current regulatory environment in the United States is posing significant challenges for cryptocurrency companies. He argued that the UK could offer a more favorable destination for these types of companies.
Operating in the United States has become increasingly difficult. Hillmann’s remarks were made during the summit hosted by the Financial Times, where he discussed the obstacles the exchange faces in carrying out its operations in the United States, especially in recent months due to actions taken by local regulators, such as the Commodity Futures Trading Commission (CFTC).
As for the regulatory landscape in the United States, Hillmann noted that the last six months have been marked by a great deal of confusion, as there is a lack of clarity in this area. This has allowed regulators to act in ways that could be considered arbitrary.
As an example of this, the CSO cited the ongoing case between Coinbase and the Securities and Exchange Commission (SEC), in which the SEC accused the company of violating existing laws by offering certain products and services, including cryptocurrencies, that are considered values without adequate compliance. Notably, the Coinbase team tried to contact the regulator more than 60 times, but their requests were ignored.
The difficulties highlighted by Hillmann regarding operating in the United States are already widely known within the cryptocurrency industry, with several companies including Coinbase, Gemini and Ripple Labs recently announcing plans to expand their operations to other regions. These companies see opportunities in the Middle East to establish new headquarters.
UK as a viable option for Binance Expanding on Hillmann’s ideas, the CSO announced that Binance is focusing its efforts on obtaining regulation in the UK. Even though the country has strict standards, it offers greater clarity for cryptocurrency business operators.
K. Tovar
Source: Diariobitocoin
(Reference image source: Kanchanara, Unsplash)
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