One of the globe’s largest crypto exchanges, Binance, has announced it is planning to register in the UK in spite of a regulatory setback this June which banned the company from engaging in any regulated activities in Great Britain.
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In June, the UK's Financial Conduct Authority (FCA) blocked Binance from operating, pointing out that it lacked a legal authorization to work in the UK and had not sufficiently answered fundamental questions related to its structure.
Binance CEO Changpeng Zhao, however, recently said that he had hired UK ex-regulators and hundreds of compliance staff in order to apply for the FCA license. The company is looking to be a registered crypto asset firm in six to 18 months.
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If the license is approved, the company would be able to unveil offerings like futures and derivatives for British users.
Binance is no stranger to regulatory scrutiny and increasing legal regulations restricting its activities. In July, Binance was forced to suspend derivatives trading in Italy, the Netherlands, and Germany. And in September, Australian Binance users lost their ability to trade futures, option, and leveraged tokens.
The company has said that it is looking to work closely with global regulators to understand and adhere to evolving regulations in order to offer its services legally.
“We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators," CEO Zhao told the Telegraph.
“We want to continue to establish a presence in the UK, and serve UK users in a fully licensed and fully compliant manner.”