Binance, the world’s largest crypto exchange by trading volumes, saw massive disdain by global regulators in 2021. It all started when the UK’s Financial Conduct Authority (FCA) issued the first ban on Binance operations in the country.
However, Binance CEO Changpeng Zhao revealed that the exchange is currently working on rebuilding its UK business. The executive also added that Binance will aim to become a UK-registered crypto firm for six to eighteen months.
Binance’s UK Move
Binance CEO Changpeng Zhao has made it clear the other day that he has started work to rebuild the UK division of the crypto exchange, following an order issued by the Financial Conduct Authority in June 2021 to stop advertising.
Binance Markets Limited is a London-based firm that hopes to become a separate entity to serve the UK market like Binance.US. But in early June 2021, the Financial Conduct Authority announced its crackdown on Binance and asked on its website to clarify that the company does not have any official permission to operate in the UK.
UK customers, on the other hand, were able to continue to access services through the Binance.com domain due to this regulatory pressure.
Binance Prepares to Launch UK Presence
The CEO stated that relations with the FCA have improved markedly since then and they have been in talks with each other. He said they hired many compliance officers (including former FCA employees) to apply for a license with the Financial Conduct Authority. It was also very clear that one of the UK regulator’s main issues with the stock market had to do with its domicile and corporate structure.
So Binance is now establishing physical offices and legal entities (including in the UK). Binance is looking to ensure that it is officially operational in the UK in six months to a year and operates as a fully registered crypto-asset firm, with money laundering and counter-terrorism financing compliance. In addition, the company even hopes to offer futures and derivatives trading.