Binance’s Chief Strategy Officer Patrick Hillman criticized the United States’ regulatory landscape during a live event on May 10.
Hillman says the US is in a “weird place.”
Hillman said at the Financial Times Crypto and Digital Assets Summit that regulations have made it difficult for Binance to operate in the US
He also claimed that the regulatory landscape in the US “has been very confusing over the past six months” and said the country is in a “weird place”.
Binance received charges on March 27 from the Commodity Futures Trading Commission (CFTC) alleging it gave US users illegal access to commodities.
However, Hillman suggested that the US is going through a “broader regulatory pivot” and said Binance’s concerns are not limited to problems with the CFTC. He argued that the US needs to change course to keep pace with Europe’s new MiCA laws.
Binance CEO Changpeng Zhao has similarly endorsed the MiCA rules, which allow companies to apply for a single license to operate in multiple EU countries.
Binance is targeting the UK
Despite endorsing the EU rules, Hillman told the Financial Times that Binance would “do anything [it] may be regulated under UK law.
That echoes statements from Binance’s rival Coinbase, which is currently being targeted by the US Securities and Exchange Commission (SEC). Coinbase said on April 19 that it could move to the UK to operate under clearer regulations.
However, Binance appears to be at a disadvantage in the UK as the country’s regulators have taken action against the crypto exchange in the past. In mid-2021, the UK Financial Conduct Authority (FCA) issued a warning against cooperating with Binance, resulting in several banks refusing to support customer transactions with Binance.
Binance has announced plans for a UK launch in 2021. The Financial Times noted that Hillman did not specify whether that application is still active today.
However, current FCA records show that three Binance entities are not authorized and one Binance entity has applied to cancel the application since 2018.
Binance’s post Chief Strategy Officer Criticizes US Crypto Regulations; exchange wants to be regulated in the UK first appeared on CryptoSlate.