- Patrick Hillmann criticizes confusing regulations
- But he believes it won’t always be like this
- So far, the exchange is betting on British supervision
Binance Chief Strategist Patrick Hillman criticized U.S. regulatory framework at the Financial Times Cryptocurrency and Digital Assets Summit. He believes that doing business in the country has become difficult. And hopes that the UK will implement loyal rules for the cryptocurrency sector.
Patrick Hillmann is frustrated that over the past six months the US has introduced extremely confusing regulations. A striking example of this is the conflict between the SEC and the Coinbase cryptocurrency exchange. It shows that there is no clarity on the issue of regulation in the States.
The businessman added that Binance will help regulation in the UK as much as possible. However, earlier they had a conflict with local authorities due to the fact that they did not provide important information about their activities.
Despite being disappointed with the current situation, Hillmann believes that states will not be aggressive towards the stock market and the crypto industry. There will come a time when the US will overtake Europe in terms of regulation and take a big step forward, he said.
Binance has repeatedly become a defendant in lawsuits in the United States. Last month, the CFTC accused the company of violations in derivatives trading. The agency stressed that the exchange is required to comply with US law if it offers services to Americans.