Despite regulatory setbacks, Binance plans to become a company registered in the UK
Binance CEO Changpeng Zhao stated that the exchange plans to expand its business to the UK in the next 6 to 18 months, even though the country’s regulators have instructed it to stop trading earlier this year.
UK Financial Conduct Authority (FCA) Withdraw Binance’s trading capabilities in the UK June, in a Comprehensive regulatory crackdown on cryptocurrencies comminicate. Binance is one of the largest cryptocurrency exchanges in the world.
To become a UK-registered crypto asset company, the platform must comply with money laundering and terrorist financing controls. In order to meet these requirements, Zhao said that the company is considering setting up a specific company to operate in the UK—— Similar to its Binance.US subsidiary.
Zhao Tell The Telegraph reported on December 4 that Binance plans to apply for an FCA license. Since the FCA notice in June, it has hired “some former supervisors from the UK” and “hundreds of compliance officers.”
In October, the cryptocurrency exchange giant Hired a former head of international relations In the Dubai Financial Services Authority (DFSA), served as its chief regulatory liaison officer to promote better relationships with international regulatory agencies.
Zhao also stated that the platform is “completely re-engaging” with regulators and is making “many very significant changes” to “product supply, our internal processes, and the way we work with regulators.”
Approved by the FCA, Binance can provide futures and derivatives in the UK. In September, Binance announced that Australian users will have 90 day liquidation As regulators continue to heat up, futures, options and leveraged tokens.
Binance also previously suspended users’ derivatives trading Germany, Italy and the Netherlands As part of a broader plan to stop supplying these products throughout Europe.
In August, the FCA issues regulatory notice Said that it “has no ability” to effectively supervise Binance because it did not answer inquiries about its headquarters.