Binance is working to re-enter the UK market after regulators pushed it out, even as reports link the exchange to roughly $8 billion in Iran-related trading since 2018. The exchange denies wrongdoing while facing fresh scrutiny in the EU over its MiCA license.
Binance is pursuing a return to the United Kingdom, The Telegraph reported, years after the Financial Conduct Authority forced the exchange out of the market. The push comes as the world's largest crypto exchange by trading volume faces allegations that it facilitated billions of dollars in transfers connected to Iran. Binance has denied wrongdoing and says it takes compliance seriously.
The Iran problem
An estimated $8 billion in Iran-related trading has reportedly moved through Binance since 2018. Roughly $1.7 billion in transactions from Binance-linked accounts were traced to Iranian entities as of February 2026. The Wall Street Journal separately reported that $850 million in transactions were connected to a key Iranian financier by May 2026.
Binance settled a $4.3 billion enforcement action with US authorities in late 2023, covering charges tied to sanctions violations. As part of that resolution, founder Changpeng Zhao served a four-month prison sentence.
Why the UK matters
The FCA pulled Binance's UK authorization in June 2021, and any unused permissions were formally canceled in June 2023. Since late 2023, new UK sign-ups for Binance have been closed entirely because the exchange lacks FCA authorization.
A pattern of regulatory friction
The UK situation is not isolated. As of July 1, 2026, Binance suspended services to customers in multiple EU countries after withdrawing its application for a MiCA license in Greece. MiCA, the EU's crypto regulatory framework, requires exchanges to secure authorization before operating across the bloc.
Source: Crypto Briefing
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