Binance CEO Changpeng Zhao said the exchange is planning to expand into the UK in the next six to 18 months, despite having been instructed by the country’s regulator to end trading earlier this year.
The Financial Conduct Authority (FCA) of the United Kingdom revoked Binance’s ability to trade in Britain in June, in the middle of a broad regulatory crackdown on cryptocurrency exchanges. Binance is one of the largest cryptocurrency exchanges in the world.
To become a UK registered cryptoactive company, the platform must comply with money laundering and terrorist financing controls. To meet these requirements, Zhao indicated that the company was considering setting up a specific company to operate in the UK – similar to its subsidiary Binance.US.
Zhao he said told the Telegraph on December 4 that Binance plans to apply for an FCA licence, having hired a “several former UK regulatory agency staff” and “a few hundred people to work on regulatory compliance” since the FCA notice in June .
In October, the giant cryptocurrency exchange hired the former head of international relations Dubai Financial Services Authority (DFSA) as its main regulatory liaison to facilitate better relationships with international regulatory bodies.
Zhao also indicated that the platform is “totally re-engaged” with regulators and is in the process of making “a number of very substantial changes” to “product offerings, our internal processes and the way we work with regulators.”
With FCA approval, Binance could offer products such as futures and derivatives in the UK. In September, Binance announced that Australian users would have 90 days to close your futures positions, options, and leveraged tokens as regulators continued to build pressure.
Binance has also previously suspended trading in derivatives for users on the Germany, Italy and Netherlands as part of a broader plan to cease offering these products across Europe.
In August, the FCA released a note stating that it “did not have conditions” to effectively inspect Binance for not having responded to queries about its headquarters.
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