Business operations in the US are currently “very difficult” as a result of the regulatory environment, or lack thereof, in the opinion of Binance Chief Strategy Officer Patrick Hillmann.
Since it has become more difficult to oppose the Biden administration, Binance has claimed that the United Kingdom (UK) is its primary priority for cryptocurrency rather than the United States (US). At a digital asset event taking place in London, Patrick Hillman, the chief strategy officer of Binance, stated that the previous six months have been confusing and stressful for US firms.
According to Hillman, anything may happen to ensure Binance’s safe acceptance in the UK. The U.S. officials started pursuing all the current concerns with cryptocurrency exchange businesses like Binance and Coinbase after the collapse of FTX.
According to a recent letter, Coinbase preserved the possibility of moving to the UK, according to CEO Brian Armstrong. The UK may offer a safer environment for establishing a cryptocurrency ecosystem. In contrast, Hillman added: “I expect at some point the US is going to want to pivot and play catch-up to Europe, which just passed Mica, which is a huge step forward”
The efforts of the United States Securities and Exchange Commission (U.S. SEC), especially the Coinbase lawsuit incident, are worrying the cryptocurrency community, according to Hillman. Furthermore, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Changpeng Zhao, the CEO of Binance, for engaging in unlawful activity. With all these problems, the nation appears unusual to corporations.
The United States Justice Department is now looking into Binance. Despite the Financial Conduct Authority’s (FCA) subsidiary ban on Binance, the company wants to work with the UK to allow clients to trade cryptocurrency even though this is not regulated in Britain. FCA has other reservations about PaySafe.