Binance is turning to the United Kingdom for regulatory oversight as the United States intensifies its crackdown on the crypto industry.

Amidst a challenging business environment in the United States due to increased regulatory actions against cryptocurrencies, Binance, the popular crypto exchange, is now seeking regulation in the United Kingdom, according to the company’s Chief Strategy Officer, Patrick Hillmann. Hillmann acknowledged the confusion surrounding the U.S. regulatory landscape, citing recent actions taken by the SEC against Coinbase as evidence of the current situation. However, Binance is now expressing its commitment to obtaining regulatory approval in the UK, a shift in tone from earlier statements highlighting the difficulties of doing business in the U.S.

Previously, Binance faced regulatory issues in the UK, with the Financial Conduct Authority ordering the company to cease regulated activities in the country. However, Binance asserts its compliance with anti-money laundering and terrorism financing regulations in the UK and emphasizes its utilization of a robust compliance program. The company also states that it has obtained approvals and registrations in various jurisdictions worldwide, including New Zealand, Dubai, France, Italy, and Spain.

Binance has faced increased regulatory scrutiny in the United States, with the CFTC filing a lawsuit against the exchange, alleging illegal operations and extensive solicitation of U.S. customers. Binance responded to the complaint, expressing surprise and disappointment.