Leading Crypto Exchange Binance To File For FCA Approval In The UK

Binance Now Hiring Staff In The UK

Binance, the world’s largest cryptocurrency exchange by trading volume, is set to file for regulatory approval from the Financial Conduct Authority (FCA). This would allow the exchange to operate legally within the United Kingdom.

CEO Changpeng “CZ” Zhao revealed this latest information during an interview with the Sunday Telegraph. The FCA banned Binance from operating in the UK in June, claiming that the exchange was providing services without a license in the region.

However, CZ said relations have improved since the ban in June. He said, “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators. We want to continue to establish a presence in the U.K. and serve U.K. users in a fully licensed and fully compliant manner.”

Binance is open to establishing an entity strictly for the UK market, similar to how Binance.US provides services to traders in the United States. In June, the UK’s regulatory agency said no Binance entity holds any authorization, registration or license to conduct regulated activities in the region. As such, the FCA said Binance was not capable of being effectively supervised in the United Kingdom.

CZ stated that Binance had set up an office in the UK, headed by numerous ex-regulatory staff in the region and hundreds of compliance people. Binance has boosted its regulatory efforts in recent months. All over the world, the cryptocurrency exchange has been hiring ex-regulatory executives and compliance people to ensure that it operates within the purviews of the law.

As a result, Binance has been able to maintain its position as the number one cryptocurrency exchange and operate in various parts of the world without any regulatory constraint.