Binance plans to launch in the U.K. and prepares for seeking FCA approval | CryptoSlate


Binance founder and CEO, Changpeng Zhao, recently revealed that the crypto exchange aims to become a registered service provider in the UK in six to 18 months, reported The Telegraph.

Roughly six months after the Financial Conduct Authority (FCA) warned that Binance is operating in the UK without permission, the cryptocurrency exchange revealed plans to build its business in the country.

How To Get Free Crypto  

Meeting UK’s anti-money laundering standards

Back in June, Binance was told by the UK regulator to remove advertising and make it clear on its website that the exchange isn’t permitted to offer its products and services in the country.

Since then, Binance onboarded a “number of ex-regulatory staff from the UK and a couple of hundred compliance people,” said Zhao, revealing the extent to which the crypto exchange bolstered its UK office.

“We’re fully re-engaged there. We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators,” Zhao noted, as he announced the exchange’s plans for pursuing the licence to operate in the UK.

“We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner,” Binance CEO added.

Coinbase Banner  

The FCA approval would enable the crypto exchange to offer products such as futures and derivatives in the UK.

Where’s your headquarters?

Back in August, the financial watchdog reiterated its stance, arguing that Binance is “not capable of being effectively supervised.”

“We understand that now. So now we’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the UK,” said Zhao.

This in mind, Zhao’s company could opt for establishing a separate entity called Binance UK, similar to the existing one in the US–and address the FCA’s concerns pertaining to Binance not having a designated headquarters.

The FCA’s notice was one of the first warnings that Binance received from regulatory bodies around the world, which prompted Zhao to take a more proactive approach to the company’s compliance strategy.

CryptoSlate Newsletter

Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Go to Source
Author: Ana Grabundzija

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.