Binance Slams US Crypto Rules, Seeks Better Regulations in UK
Binance Slams US Crypto Rules, Seeks Better Regulations in UK

Binance Slams US Crypto Rules, Seeks Better Regulations in UK

•Binance’s Chief Strategy Officer Patrick Hillman criticized US crypto regulations, calling them confusing and suggesting the US follow Europe’s footsteps for clearer rules.
• Binance CEO Changpeng Zhao praised the EU’s new MiCA regulatory framework.
• Coinbase has also floated the idea of moving its operations abroad to avoid the US regulatory uncertainty.

Binance Criticizes US Crypto Regulations

Binance’s Chief Strategy Officer Patrick Hillman has criticized crypto regulations in the US, calling enforcement “very confusing” over the past six months. According to Hillman, this has made it difficult for Binance to work in the country and he suggests that regulators should change direction and learn from what Europe has done with their recent Markets in Crypto Assets (MiCA) regulatory framework.

Binance Praises EU Regulations

The MiCA regulatory framework was praised by Binance CEO Changpeng Zhao who said it “means one of the world’s largest markets is introducing tailored regulations for crypto to protect users and support innovation.”

Coinbase Considers Moving Abroad

Coinbase CEO Brian Armstrong also recently revealed that he would have chosen the London Stock Exchange over New York if he had been given the option to relist his company due to easier navigation of UK regulations compared to those in the US. Armstrong argued that there is a turf battle between CFTC and SEC which makes things complicated.

Binance Eyes UK Regulation

Despite being outside of EU after Brexit, Binance is still very keen on becoming regulated under UK law as stated by their Chief Strategy Officer Patrick Hillman at a Financial Times event this week. He said they will do “everything we possibly can” to make it happen.

Conclusion

It appears major exchanges are looking towards better regulation overseas due to lack of clarity on existing laws in their home countries, particularly in regards to cryptocurrencies like Bitcoin and Ethereum. The hope is that more regulated environments will provide more protection for investors while still supporting innovation within this space.