Binance, world’s largest cryptocurrency exchange, attacked the Biden Administration’s crackdown against the industry, and said that it hopes to obtain regulatory approval in the UK.
Patrick Hillmann said that it had been a “very challenging time” for the company to do business in America and that things were “very confusing during the last six months”.
He said that the company was doing “everything possible” to get approval in the UK.
US regulators have targeted cryptocurrency companies Binance and Coinbase following a collapse of the market in which FTX went bankrupt, one of the largest online exchanges.
Brian Armstrong, Coinbase’s CEO, suggested last month that he might relocate the company outside of the US. The UK was one option.
Mr Hillmann stated that the crypto and digital asset summit had seen a “wide regulatory pivot… in the US”. He predicted that American authorities will have to change their course if the investment shifts towards Europe following the EU’s new “Mica” crypto rules.
He said: “I think the US will want to catch up to Europe at some point, as they just passed Mica. This is a big step forward.”
Hillmann stated that the US is “in this strange place” right now, referring to the actions taken by the Securities and Exchange Commission (SEC), which has threatened to bring suit against Coinbase’s rival.
The Commodity Futures Trading Commission has filed a lawsuit against Binance, its chief executive Changpeng Zhao and the exchange for operating illegally within the country.
The US Justice Department is also investigating the company.
Binance is trying to repair its relationship with UK regulators after the Financial Conduct Authority banned one of their subsidiaries from operating in UK.
Binance is a cryptocurrency exchange that allows UK clients to buy and trade cryptocurrencies, but it’s not regulated by the British government.
The company was dropped by a payment partner recently, who said that the regulatory environment is “too difficult”.
The FCA raised concerns about Binance’s agreement with Paysafe as the company’s payment provider.
Binance’s headquarters were originally located in China, but the company moved them out. The company has a Cayman Islands holding company but refuses to reveal where its headquarters are. This has led to criticism from regulators.