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Binance UK, the British arm of the world’s largest cryptocurrency exchange, has terminated its membership with Fintech Founders, a prominent not-for-profit organization dedicated to fintech entrepreneurs. This decision follows Binance’s cancellation of its UK registration amidst growing regulatory apprehensions.
The UK division of Binance decided to part ways with Fintech Founders, an entity that represents leading UK fintech entrepreneurs and aims to enhance collaboration between fintechs, the government, and regulatory bodies. Fintech Founders, previously known as the Digital Finance Forum, is chaired by Christian Faes, co-founder and executive chair of the marketplace LendInvest.
We have been a member of Fintech Founders for a little more than a year. We regularly evaluate our industry association footprint and have made the decision not to renew our membership.
spokesperson from Binance
Binance had joined the Fintech Founders group in May of the previous year. At the time, Binance’s deputy head of the UK, Ilir Laro, expressed enthusiasm about the partnership, emphasizing the potential for mutual benefits between fintech companies and financial institutions in the UK.
However, a spokesperson from Binance recently stated, “We have been a member of Fintech Founders for a little more than a year. We regularly evaluate our industry association footprint and have decided not to renew our membership.” Despite this, Binance affirmed its intention to remain an active crypto trade association CryptoUK member.
This move comes after Binance faced several regulatory challenges in the UK. Two years ago, the Financial Conduct Authority (FCA) banned Binance from all regulated activities in the country. Furthermore, earlier this month, European payments giant Checkout.com severed ties with Binance, which was once its largest customer.
Binance’s decision to withdraw from Fintech Founders underscores the challenges the crypto exchange faces in navigating the complex regulatory landscape, especially in regions with stringent financial oversight.
