In Brief:
- Binance revealed plans to become a registered crypto-asset firm in the U.K within 6 to 18 months.
- The platform had been working on this since the notice from FCA U.K. to cease the platform’s operations.
- Binance could offer services like futures and derivatives in the U.K. if the FCA gives its approval.
Global cryptocurrency exchange Binance announced they are planning to become a registered crypto asset platform in the UK.
In an interview with the Telegraph, Binance CEO Changpeng Zhao revealed that they intend to expand their crypto business in the United Kingdom within the next 6 to 18 months.
The exchange must adhere to money laundering and terrorist financing rules in order to become a registered crypto-asset firm in the U.K.
To meet these regulations, Zhao stated in the interview that the company was considering forming a separate unit to operate in the United Kingdom, similar to Binance.US.
Zhao added that they intend to apply for the FCA license in the United Kingdom. The goal of requesting a license is to hire “many ex-regulatory staff from the U.K.” as well as workers to deal with compliance.
The CEO said that they had been working on this since June, following a notice from FCA U.K. to cease the platform’s operations.
Zhao told the Telegraph that the platform is “fully re-engaged” with regulators, and is in the process of making “a number of very substantial changes” in “product offerings, our internal processes, and the way we work with regulators.
Binance could offer services like futures and derivatives in the United Kingdom if the FCA gives its approval.
Binance is diligently striving to improve communication and develop compliance-based relationships, as the platform’s operations have already been banned in several countries.
Since October, the Binance exchange has employed the former head of international relations at the Dubai Financial Services Authority (DFSA) as a chief regulatory liaison officer to improve cooperation with international regulatory agencies.
