Binance exec hits out at 'very difficult' US regulatory environment
Speaking at a Financial Times summit, Binance chief strategy officer Patrick Hillmann cited SEC action against rival exchange Coinbase as an example of how "the US right now is in this weird place". In March, the Commodity Futures and Trading Commission charged Binance and two of its top executives with "wilful evasion of US law" and is seeking disgorgement, civil monetary penalties and permanent trading and registration bans against the digital asset firm.
Meanwhile, Coinbase CEO Brian Armstrong has been flirting with moving the company's headquarters out of the US over frustration with the SEC. Another operator, Bittrex quit the States over regulatory concerns before filing for bancruptcy there in recent days.
Says Hillmann: "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." Meanwhile, Binance will do "everything we possibly can" to secure regulation in the UK, says Hillmann. In 2021, the Financial Conduct Authority ordered it to stop regulated activities in the UK.
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