Friday, April 12, 2024

Binance Wants to be a Registered UK Firm

Despite the regulatory setbacks, major crypto exchange Binance plans to become a registered firm in the UK. Despite being ordered by the country’s regulator to stop trading in June, the exchange’s CEO claims it plans to expand to the United Kingdom in the next six to 18 months.

In June, the Financial Conduct Authority (FCA) of the United Kingdom removed Binance’s permission to trade in the country, as part of a sweeping regulatory crackdown on cryptocurrency exchanges. Binance is one of the largest cryptocurrency exchanges in the world.

The platform must adhere to money laundering and terrorist financing rules in order to become a registered crypto asset firm in the United Kingdom. To meet these regulations, Zhao stated that the company was considering forming a separate company to operate in the United Kingdom, similar to Binance.US.

Binance aims to seek for an FCA license, Zhao told the Telegraph on Dec. 4 after hiring British ex-regulatory professionals and a couple of hundred compliance people since the FCA notice in June. To help facilitate improved relations with international regulatory organizations, Binance engaged the former head of international relations at the Dubai Financial Services Authority (DFSA) as its chief regulatory liaison officer in October.

Zhao also stated that the platform has “completely re-engaged” with authorities and is working on “a number of very important reforms” in “product offerings, internal processes, and the way we operate with regulators.”

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