A giant cryptocurrency exchange accused of allowing Iran to move billions of dollars is planning a UK comeback years after a ban.
Binance, the world's largest crypto exchange, is preparing to apply to the Financial Conduct Authority (FCA) for a cryptocurrency licence under new rules coming into force next year.
Winning approval to launch in the UK would mark a stark reversal of fortunes for the company, which has previously been hit by a series of FCA crackdowns hampering its attempts to operate in Britain.
The company has also faced a series of regulatory hurdles overseas and is reportedly being investigated by US authorities over claims it allowed Iran to evade sanctions and transfer billions to finance the country's revolutionary guard.
Binance says it has zero tolerance for illegal activity and rejects claims that it knowingly allowed Iran to operate on the site.
Under new cryptocurrency laws coming into force next year, companies will have to seek permission from the FCA to let customers trade.
As part of the tougher rules, crypto exchanges will need to have a UK base, demonstrate they are well resourced enough to follow financial laws and pass a "fit and proper" test.
Applications for licences under the new regime are set to open next month, before it comes into force in October 2027.
Binance is expected to set up a UK-based board as part of the process.
The company's previous advisers have included Lord Vaizey of Didcot, the former culture minister, and Lord Johnson of Marylebone, a former science minister and the younger brother of Boris Johnson.
Binance has previously faced a series of regulatory setbacks in the UK. In 2021, the FCA banned its UK entity from carrying out regulated activity, saying it was "not capable of being effectively supervised", although it continued to operate from abroad.
Two years later, the company was blocked from carrying out financial promotions through a UK partner company. This prevented it from signing up new customers, although it continues to serve existing ones.
Changpeng Zhao, its founder and former chief executive, was jailed in the US in 2024 and the company paid a $4.3bn (£3.2bn) fine for allowing criminals to launder money. Donald Trump pardoned Zhao last year.
Reports in the US have claimed Binance allowed billions of dollars' worth of cryptocurrency to be transferred to networks associated with the Iranian Revolutionary Guards this year, and failed to crack down on the problem despite the entities being sanctioned.
Binance has sued the Wall Street Journal for defamation over claims it had shut down an internal investigation into the payments.