According to Binance’s chief security officer, doing business in the United States is “very difficult”

Binance has expressed concern about the current state of regulation in the United States in light of the ongoing legal struggle between Coinbase and the SEC.

Patrick Hillmann, chief strategy officer of Binance, has warned that doing business in the United States is “very difficult” due to the regulatory framework, or lack thereof.

Hillmann said the United States “has been very confusing over the past six months” because of the continuing legal dispute between Coinbase and the SEC.

Hillmann stated at the Financial Times’ crypto and digital assets conference that after a “very difficult time” in the United States, Binance will do “everything it could” to be regulated in the United Kingdom.

In early May, Binance gave its opinion on the United Kingdom’s crypto consultation after the government of that country declared its intention to become a “competitive location for sustainable finance.”

In a recent statement, Binance expressed its approval of allowing “specified investments to include crypto assets.”

The letter was more amenable to the exchange than to other crypto businesses, as Blockworks has previously reported. Although Andreessen Horowitz did not fully comply with the letter’s NFT requirement, it did agree with the “activity based” restriction.

Binance CEO Changpeng Zhao said on Twitter that the implementation of official regulatory admittance practices, together with more market monitoring and regulation in general, will assist to eliminate careless actors.

In 2021, the Financial Conduct Authority of the United Kingdom suspended Binance Markets Limited, a wholly owned subsidiary of Binance, saying that the company was not “permitted to undertake any regulated activity.”

However, at the beginning of February, CZ tweeted that he was “happy” to see developments in UK legislation, which he called “progressive.”

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