The UK crypto scene is on the brink of transformation and Nish Patel. Binance’s UK director, is at the center of it. Patel, formerly the Financial Conduct Authority’s (FCA) first in-house crypto asset specialist. Has a rare perspective: he’s seen both sides of the fence, from crafting regulations to now guiding one of the world’s largest crypto exchanges through them.
Patel explained how Britain is moving from patchwork guidance to a comprehensive framework. That could clarify life for retail users while expanding tools for professional investors.
Patel’s regulatory experience is notable. At the FCA, he helped “upskill” staff on tracing transactions and understanding Bitcoin, and he worked to broaden the Money Laundering Regulations (MLRs) to capture crypto firms. He also assisted with early authorisations that paved the way for the first UK crypto-asset firm approvals. That insider perspective now shapes how he reads the UK’s evolving rules.
Retail vs Professional
The most immediate change is the financial promotions regime introduced in October 2023. In practice, it draws a clear line: retail investors face strict marketing limits and protections, while professional investors have far fewer restrictions. Parallel amendments to the Financial Services and Markets Act (FSMA) are moving through consultations and discussion papers.
Patel anticipates that within the next year, the UK will roll out a comprehensive UK version of MiCA not identical to the EU’s framework but comparable in scope, achieved by amending existing laws rather than passing a single omnibus statute.
Patel said.
“We’re focused on proactively working with the regulator. Frameworks in the UK are becoming clearer, and we’re progressively opening up as shown by our recent announcement for UK professional investors,”
He added.
“Professional investors have access to more opportunities than retail consumers, and to be clear, the upcoming UK regime will apply only to retail consumers,”
Binance’s UK Strategy:
Patel describes Binance’s UK approach as license-first wherever the rules are clear. By leveraging its experience in jurisdictions with early crypto frameworks, the company is positioning itself strategically as the UK regulatory landscape takes shape.
Patel notes,
“The promotion regime remains ‘very strict’ for retail clients,”
Professional investors institutions and high-net-worth clients with the right expertise aren’t constrained the same way. This opens the door for more complex offerings, which is the lane Binance is currently operating in.
Institutions, Staking, and the Next 12–24 Months
On the institutional front, the UK retains deep trading talent. Even as some holding companies operate offshore for tax reasons. Patel contrasts this with the EU: MiCA’s treatment of stablecoins and preference for segregated order books is pushing some institutions to restructure. In contrast, the UK wants domestic institutions to retain access to global order books, ensuring competitive pricing and execution quality.
Staking, long contentious in the U.S., has seen regulatory clarification in the UK. Patel cites a January 8, 2025 HM Treasury order that exempted staking from the Collective Investment Schemes Order, removing a major legal grey area.
Professionals can now access broader staking services, with retail access to follow once proper permissions are obtained.
