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Monday, July 4, 2022

Binance Has Plans Of Registering As A UK Firm

Changpeng Zhao, the CEO of Binance, has stated that the exchange has been planning on expanding itself in the United Kingdom in the coming months. This news comes despite the firm being instructed by the regulator of the country to cease their operations and trading at the onset of the year.

The FCA or the Financial Conduct Authority has already revoked the ability of the firm to trade in Britain in June which comes amid a huge regulatory crackdown on several crypto exchanges. Needless to say, BNB comes under this- being one of the largest crypto exchanges in the world. 

Binance Looking To Establish Itself In the United Kingdom

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In order to turn into a registered crypto-asset firm in the United Kingdom, Binance- or any other platform- needs to absolutely abide by the terrorist financing and money laundering controls. In order to meet the requirements, Zhao has also indicated that the company was planning on setting up a specific company that would be running in the United Kingdom- similar to its US Subsidiary. In an interview with The Telegraph, Zhao spoke about plans of applying for an FCA license, as he had hired quite a number of ex-regulatory staff from the United Kingdom. 

Back in October, Binance had hired the former head of international relations at the Dubai Financial Services Authority as the chief regulatory liaison officer- which would contribute to improving relations with international regulatory bodies. Zhao has also implied that the platform has been fully re-engaged with the financial regulators and is also in the process of bringing forth quite a number of very substantial changes through its product offerings, the internal processes, and the way of operations with regulators. 

Binance has also suspended trading derivatives for users in the Netherlands, Italy and Germany- simply as a broader plan of ceasing to offer those products throughout mainland Europe. 

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