Cryptocurrency exchange Binance is making “significant changes” to become “fully licensed and fully compliant” in the UK – Bitcoin News


Cryptocurrency exchange Binance has announced its plan to become a “fully licensed and fully compliant” exchange to provide services to users in the UK. According to reports, the cryptocurrency exchange is making “some very significant changes to the way it operates.” “To comply with the country’s regulatory agency, the Financial Conduct Authority (FCA).

Binance plans to launch a fully licensed cryptocurrency exchange in the UK

Binance is working hard to become a fully licensed and fully compliant cryptocurrency exchange to launch in the UK where it recently encountered trouble Cooperate with the Financial Conduct Authority (FCA).

The chief executive officer of the exchange, Changpeng Zhao (CZ), said in an interview with the Daily Telegraph that Binance will re-apply for a license from the FCA. He believes that the relationship between his exchange and British regulators has improved. He told the news media:

We are completely reinvested there… We are making many very significant changes in our organizational structure, product supply, our internal processes, and the way we work with regulators.

The British Financial Conduct Authority issued Consumer warning It was stated on Binance in June that “no entity in the Binance Group holds any form of UK authorization, registration or license to carry out regulated activities in the UK.” In August, FCA Said Binance no longer violates its rules, but pointed out that the company has not yet applied for a license to operate a cryptocurrency exchange.

“We hope to continue to establish business in the UK and provide services to UK users in a fully licensed and fully compliant manner,” Zhao emphasized, adding that Binance hopes to become a registered crypto asset company within 6 to 18 months.

After the FCA issued a warning, several major banks in the UK began to restrict payments to Binance, including Barclays Bank, HSBC, Natwest and Santander.

In addition to FCA, several other regulatory agencies have issued various warnings to Binance, including those in the United States, South Africa, Singapore, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Lithuania. In August, Binance said it was making it compliant Imperative.

Zhao further shared with the publication that when the regulator asked Binance “a very simple question:’Where is your headquarters?” Our response was that we do not have a headquarters, we are a decentralized organization, and they do not know how to interact We cooperate.” The CEO concluded:

We understand now.So now we are establishing real offices, legal entities, proper boards and proper governance structures in most places including the United Kingdom

What do you think about the launch of Binance in the UK after FCA’s regulatory issues? Please let us know in the comments section below.

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