According to reports from The Telegraph, Binance will file an application for a Financial Conduct Authority (FCA) license when the UK application window opens on September 30, 2026. The exchange has been barred from regulated activity in Britain for five years following the FCA's 2021 ban, which stated the firm was "not capable of being effectively supervised." The application window closes on February 28, 2027, with the full regulatory regime beginning on October 25, 2027. As reported by crypto.news, the FCA encourages applicants to file early, as earlier applications provide more time for assessment and increase the period during which eligible companies can rely on transitional provisions.
As reported by The Telegraph, the FCA's June 25, 2021 supervisory notice led to Binance Markets Limited returning its UK permissions in May 2023. The regulatory restrictions intensified further when the FCA restricted Rebuildingsociety.com in October 2023, forcing Binance to stop accepting new UK users at 5pm on October 16, 2023. Existing accounts continued trading, but no Binance entity remains authorized in Britain today, requiring the company to start from zero with its application. According to crypto.news, the FCA's current warning states that no other Binance Group entity holds UK authorization, registration or a license to conduct regulated activities in the country.
According to The Telegraph, Binance faces significant compliance challenges following its $4.3 billion settlement with US authorities in November 2023 for anti-money laundering and sanctions violations. Founder Changpeng Zhao served four months in 2024 and was pardoned by Donald Trump in October 2025. Recent allegations include claims that sanctioned Iranian networks moved money through the platform, which Binance denies and has sued the Wall Street Journal for defamation over. The new FCA framework expands oversight beyond financial promotions and anti-money laundering registration to cover trading platforms, dealing, arranging transactions, custody, staking, lending and certain stablecoin activities. Authorized companies must follow prudential rules, operational resilience standards and financial crime controls, with the framework also applying the Consumer Duty and Senior Managers and Certification Regime to businesses conducting regulated crypto activities.
As reported by The Telegraph, the FCA received 273 crypto registration applications between January 2020 and May 2022, approving only 35 while 139 firms withdrew before decisions. Binance cannot serve UK customers under the new rules until FCA approval, with no approval expected before October 2027. The prize extends beyond UK markets, as the FCA's research found 8% of UK adults held crypto in 2025, down from 12% the previous year. Binance would enter a market where several competitors already hold FCA registrations, including Coinbase which secured permission in February 2025 and IG Digital Assets. However, those existing registrations do not guarantee authorization under the 2027 framework, with every company conducting newly regulated activities needing to submit fresh applications.
