Ripple and Binance seek UK regulatory licenses, lawmakers are told

Quick Take

  • Representatives for Ripple and Binance told UK lawmakers that the two firms want to be licensed in the country.
  • FCA has previously criticized Binance’s operations.

Ripple and Binance have asked to be licensed by the Financial Conduct Authority, UK lawmakers were told on Monday.

Binance, the world's largest crypto exchange by trading volume, is in talks with regulators at the moment, Binance Vice-President for EMEA government affairs Daniel Trinder told a hearing of the Treasury Select Committee. Ripple plans to apply for a license as the firm develops its business in the country, Head of Policy Susan Friedman said.

Ripple employs around 60 people in the UK, the committee was told. "Our current business model does not require Ripple to be registered with the FCA though as we expand our footprint in this country, which we are looking to do, we will be seeking those registrations and permissions,'' Friedman said.

Binance has had several brushes with the FCA in recent years, including a June 2021 supervisory notice ordering the firm to alert users it was not permitted to undertake regulated activity in the UK. The FCA also issued a statement about Binance's partnership with Eqonex in March this year, saying it had concerns about the exchange operator. 

With additional reporting from Inbar Preiss.

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