Binance plans to become a registered crypto exchange in the UK
This year, Binance, the world’s largest crypto exchange by trading volumes, faced serious regulatory problems. In June, the Financial Conduct Authority of the United Kingdom (FCA) notified Binance that the company could not continue its operations without a licence. That time the exchange stated that the Binance Markets Limited legal entity did not provide services using the website binance.com.
Binance CEO Changpeng Zhao said that the company is going to become a registered crypto firm in the UK. According to him, the registration procedure can take from six to eighteen months. Zhao also added that he has already hired about two hundred staff workers and a number of former FCA employees to resolve legal issues and monitor compliance with the laws of the UK. Binance opened an office in the country to ensure that their work is as effective and efficient as possible.
In order to obtain a licence in the UK, Binance must abide by money laundering and terrorism financing controls. After receiving approval from the FCA, the exchange will be able to offer futures and derivatives trading.
Zhao noted that the platform is fully re-engaged with regulatory authorities and is now making a number of very important changes in the company’s internal processes. In November, the exchange published a list of rules which can serve as a guideline for the development of a worldwide legal framework in crypto markets.
Earlier, the regulators of Malaysia and Korea demanded that the exchange cease its operations on their territory, and the Central Bank of the Netherlands reported that Binance does not have the necessary permission to provide its services. In South Africa, the company also had to ban some services in order to comply with regulatory requirements.
According to Zhao, Binance should give up the decentralized format of the exchange and open several headquarters around the world. In his interviews, he said that the offices of the exchange may appear in France and Ireland. Zhao recently bought a real estate property in Dubai, which indicate that a Binance office may appear in the UAE.
Last week, the head of the exchange hinted that Binance may leave Singapore due to problems in obtaining a licence.
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