Binance’s Chief Strategy Officer, Patrick Hillmann, has recently voiced his frustration over the murky regulatory landscape in the US, which he believes has made it challenging for the crypto giant to conduct business. The ongoing legal tussle between Coinbase and the SEC only emphasizes the confusion that has been unfolding over the past six months, according to Hillmann.
Speaking at the Financial Times’ crypto and digital assets summit, Hillmann revealed that Binance is eager to ensure full regulatory compliance in the UK, given the difficulties experienced in the US. This comes after the UK government expressed its ambition to transform the country into a hub for sustainable finance.
Taking part in the UK’s crypto consultation this month, Binance expressed support for the inclusion of crypto assets as “specified investments.” Unlike some other firms in the crypto space, Binance appeared more open-minded, even siding with the “activity based” NFT regulation proposal—an approach that Andreessen Horowitz didn’t entirely endorse.
Binance CEO, Changpeng Zhao, or ‘CZ’ as he is popularly known, took to Twitter to express his support for regulatory clarity. He believes that implementing formal admission procedures and ramping up market surveillance will weed out rogue elements. This comes after Binance’s UK arm, Binance Markets Limited, was slapped with a ban by the UK’s Financial Conduct Authority in 2021.
Despite past regulatory hiccups, CZ expressed optimism about progressive regulatory strides in the UK. However, back in the US, Binance continues to grapple with legal challenges, including a lawsuit from the CFTC alleging evasion of US regulation. CFTC Chair, Rostin Behnam, accuses Binance of knowingly breaching CFTC rules for years, while simultaneously trying to keep the cash flowing and dodging compliance.