Binance will apply for UK license despite local legal issues

Binance will apply for UK license despite local legal issues

According to C.Z., Binance aims to become a registered cryptocurrency company in the UK within 6-18 months.


Changpeng Zhao (CZ) – CEO of cryptocurrency exchange Binance – has said that his company will apply for a Financial Conduct Authority (FCA) licence in the UK. Although there has been tension between the trading platform and the local regulator for some time, the director assured that their relationship has recently improved.

In a recent interview with The Telegraph, C.Z. revealed that Binance wants to re-establish its presence in the UK and “serve UK users in a fully licensed and compliant way”. He outlined several changes to the company that will resolve some issues with the local regulator.

“We are fully re-engaged in this. We are making a number of very significant changes to our organisational structures, product offering, our internal processes and the way we work with regulators.”

In particular, Binance aims to become a registered cryptocurrency company in Albion, which complies with money laundering and terrorist financing monitoring, within 6-18 months. One way to do this is to create a separate entity called Binance UK, similar to the existing one in the US.

In recent months, the UK Financial Conduct Authority (FCA) has shown a rather negative attitude towards Binance. In June, the regulator warned the exchange that it was not allowed to operate in the country. In August, the FCA reiterated its stance, stating that Binance poses a significant risk to investors and cannot be effectively supervised.

After receiving public backlash not only from the UK regulator but also from many others around the world, the trading platform decided to readjust its structure.

7/12/2021 – Mr.Advice NEWS


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