Binance is preparing to make another attempt to return to the UK market, with the cryptocurrency exchange expected to apply for a cryptoasset licence from the Financial Conduct Authority (FCA) when applications open next month.
The move, first reported by The Telegraph, comes five years after the UK regulator blocked Binance’s British entity from carrying out regulated activities. It also comes as Britain prepares to introduce tougher rules for crypto exchanges and other digital-asset companies.
The FCA will open its application window on September 30, 2026, with applications closing on February 28, 2027. The new regime is due to take effect on October 25, 2027.
For Binance, approval would mark a major step back into an important European financial market.
Binance Seeks UK Comeback With FCA Crypto Licence
A troubled history with the FCA
Binance’s relationship with the FCA deteriorated sharply in 2021.
In June that year, the regulator ordered Binance Markets Limited, the company’s UK entity, to stop carrying out regulated activities in Britain without prior written consent. The FCA said Binance could not be effectively supervised, raising concerns about the wider Binance Group and its complex global structure.
Binance Markets Limited later withdrew its UK permissions in May 2023. The FCA said no other Binance entity held authorisation or registration to conduct regulated business in Britain.
The exchange continued serving British customers from overseas.
Its ability to attract new users was further restricted in October 2023, when the FCA imposed restrictions on Rebuildingsociety.com, a firm approving crypto financial promotions. Binance subsequently stopped accepting new UK customers, although existing users could continue trading.
The planned application would mark a fresh attempt to establish a formal UK presence.
New rules raise the bar
The UK’s new crypto regime will significantly change how digital-asset businesses operate.
Under the framework being introduced through the Financial Services and Markets Act 2000, firms conducting regulated cryptoasset activities will need formal FCA authorisation. Existing registrations under the current anti-money-laundering regime will not automatically transfer to the new system.
Applicants will have to demonstrate that they meet requirements covering governance, financial resources, operational resilience, consumer protection and market integrity. Senior managers will also be assessed against the FCA’s “fit and proper” standards.
That could make Binance’s corporate structure a central issue.
According to The Telegraph, Binance is expected to establish a UK-based board as part of its application. A stronger local governance structure could give British regulators greater oversight of the exchange and its decision-making.
But the FCA’s previous concerns were not limited to Binance’s UK subsidiary. Its 2021 action focused partly on whether the wider Binance organisation could be supervised effectively.
Binance will therefore need to demonstrate that both its UK operation and broader systems can meet the regulator’s expectations.
Compliance record under scrutiny
The application will also come after Binance faced major regulatory problems in the United States.
In November 2023, Binance pleaded guilty to US charges involving anti-money-laundering and sanctions violations. The company agreed to pay more than $4.3 billion to settle the case, one of the largest corporate penalties in the cryptocurrency industry.
Founder Changpeng Zhao also pleaded guilty to violating US anti-money-laundering requirements and was sentenced to four months in prison in 2024.
The settlement triggered a major overhaul of Binance’s compliance operations as regulators around the world intensified scrutiny of the exchange.
More recently, reports have raised questions about whether cryptocurrency transactions linked to sanctioned Iranian networks moved through Binance. The company has rejected allegations that it knowingly allowed sanctioned entities to use its platform, saying it has zero tolerance for sanctions violations or unlawful activity.
Such issues could receive close attention during an FCA review. Its compliance history and ability to demonstrate effective controls are likely to be critical.
Why Binance wants back
The UK remains an important financial centre and crypto market.
An FCA licence would give Binance a regulated route back into Britain and could strengthen its credibility with regulators in other major jurisdictions. It would also allow the exchange to compete as Britain develops its formal crypto framework.
However, the market is not the same one Binance left several years ago.
FCA research showed that 8% of UK adults held cryptoassets in 2025, down from 12% the previous year. Consumer interest has weakened even as regulatory expectations have increased.
The value of a licence may extend beyond the number of British customers it can serve. The company has spent recent years moving toward a business model built more heavily around compliance and regulatory approvals.
FCA authorisation would test whether that transformation has convinced regulators.
What happens next
Binance has a limited window to make its case. The FCA will begin accepting applications on September 30, with the application period closing on February 28, 2027. The full regulatory regime is scheduled to take effect on October 25, 2027.
Submitting an application does not guarantee approval. Binance must satisfy the FCA’s requirements before receiving permission to operate.
For the exchange, the UK comeback is therefore about more than reopening a previously restricted market.
It is a test of whether Binance can convince a regulator that once questioned its ability to be supervised that its governance, compliance systems and global structure have changed enough to make effective oversight possible.
If it succeeds, Binance’s return could become one of the most closely watched crypto licensing decisions as Britain enters a new era of digital-asset regulation.
