{"id":7494,"date":"2023-05-11T18:53:24","date_gmt":"2023-05-11T22:53:24","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-criticizes-us-crypto-regulations-eyes-uk-for-better-oversight\/"},"modified":"2023-05-11T18:53:24","modified_gmt":"2023-05-11T22:53:24","slug":"binance-criticizes-us-crypto-regulations-eyes-uk-for-better-oversight","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=7494","title":{"rendered":"Binance Criticizes US Crypto Regulations, Eyes UK for Better Oversight"},"content":{"rendered":"
\n

Major crypto exchange Binance has criticized crypto regulations in the US, calling on the country to follow in Europe\u2019s footsteps and provide clearer rules.<\/p>\n

Speaking at the Financial Times\u2019 Crypto and Digital Assets Summit in London on Wednesday this week, Binance\u2019s Chief Strategy Officer Patrick Hillman took aim at US regulators, saying enforcement of crypto regulations in the US have \u201cbeen very confusing over the past six months.\u201d<\/p>\n

The US is now in a \u201cweird place\u201d in terms of crypto regulations, Hillman said, while admitting that this has made it difficult for Binance to work in the country.<\/p>\n

To rectify the damage that has already been done, Hillman suggested regulators completely change the direction they have been going in, and instead tries to learn from what Europe has done.<\/p>\n

The European Union (EU) earlier this year passed the comprehensive Markets in Crypto Assets (MiCA) regulatory framework, drawing praise from the likes of Binance CEO Changpeng Zhao.<\/p>\n

Among other things, Zhao said about MiCA at the time that it \u201cmeans one of the world\u2019s largest markets is introducing tailored regulations for crypto to protect users and support innovation.\u201d<\/p>\n

Binance eyes UK regulation<\/h2>\n

Despite the UK no longer being a part of the EU and the new MiCA rules, Binance\u2019s Hillman said at the event that the company is very keen on becoming regulated in the UK.<\/p>\n

We will do \u201ceverything we possibly can\u201d to be regulated under UK law, he said.<\/p>\n

The comments come after Coinbase, another major US-based exchange, also has floated the idea of moving its operations abroad to avoid the regulatory uncertainty in the US.<\/p>\n

“Anything is on the table, including relocating or whatever is necessary,” Coinbase CEO Brian Armstrong said in an April 19 speech held in the UK, where he also revealed that he would have chosen the London Stock Exchange over New York if he had been given the option to relist his company.<\/p>\n

At the time, Armstrong argued that regulations in the UK are easier to navigate since the country, unlike the US, has a single regulator that is responsible for both securities and commodities.<\/p>\n

“You don’t have this unfortunate thing happening where the CFTC and the SEC are having a turf battle,” he said.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Major crypto exchange Binance has criticized crypto regulations in the US, calling on the country to follow in Europe\u2019s footsteps and provide clearer rules. Speaking at the Financial Times\u2019 Crypto and Digital Assets Summit in London on Wednesday this week, Binance\u2019s Chief Strategy Officer Patrick Hillman took aim at US regulators, saying enforcement of crypto […]<\/p>\n","protected":false},"author":1,"featured_media":7495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-7494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBinance Criticizes US Crypto Regulations, Eyes UK for Better Oversight | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Major crypto exchange Binance has criticized crypto regulations in the US, calling on the country to follow in Europe\u2019s footsteps and provide clearer\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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