The CEO of Binance, Changpeng Zhao, has stated that the popular crypto exchange is nursing plans to expand into the region within some months, despite the UK’s authorities preventing them from doing this earlier in the year.
In June 2021, the UK’s Financial Conduct Authority (FCA) prevented the exchange from offering its trading services to residents of the region, as part of its strategy to clamp down on crypto exchanges operating in the UK. Before a platform is allowed to offer trading services to people living in the UK, they have to be registered with the FCA, and to do this, they must follow the money laundering and terrorist financing guidelines. Zhao announced to Sunday Telegraph that the company intends to abide by the guidelines and that was why it was creating a specific UK company that will mimic the operations of the Binance.US subsidiary.
During his interview with Sunday Telegraph, Zhao mentioned that the crypto exchange has hired “a number of former UK regulators” and “a few hundred compliance people” since the notice of the FCA in June 2021, in a bid to apply for an FCA license.
Two months ago, Binance employed the previous head of international relations at the Dubai Financial Services Authority (DFSA) to improve the relationships that the crypto exchange has with different countries and their regulatory authorities. If approved by the UK’s FCA, the crypto exchange may expand its derivatives and futures products to the UK.
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