Finally Binance Willing To Comply With UK Regulations To Make Its Platform Accessible To More Consumers

Binance to reach UK market after regulatory ban (Coinkolik)

JAKARTA – After being banned from operating in the UK some time ago, now Binance is rumored to be expanding its reach to the land of Queen Elizabeth. Binance CEO Changpeng Zhao, who is familiarly called CZ, stated that the plan to expand to the UK is up to 18 months.

Whereas in early 2021 Binance was forced to stop trading crypto through its platform the UK financial regulator, the Financial Conduct Authority (FCA). However, Binance is still the largest cryptocurrency exchange in the world.

To realize the plan, Binance must comply with FCA's policy that the exchange must comply with regulations regarding money laundering and terrorist financing controls. To meet these requirements, CZ indicated that the company is considering setting up certain companies to run in the UK — similar to Binance's US subsidiary Binance.US.

Reporting from Cointelegraph, Zhao said that Binance plans to apply for an FCA license, having hired “a number of former regulatory staff from the UK” and “several hundred compliant people” since the FCA notification in June.

In October, the crypto exchange giant hired a former head of international relations at the Dubai Financial Services Authority (DFSA), as chief regulatory liaison officer to contribute to facilitating better relations with international regulatory bodies.

Zhao also pointed out that the platform is “re-engaging fully” 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.”

With approval from the FCA, Binance can offer products such as futures and derivatives in the UK. In September, Binance announced that Australian users would have 90 days to close their positions on futures, options and leveraged tokens as regulators continued to increase pressure.

Binance has also previously suspended derivatives trading for users in Germany, Italy, and the Netherlands as part of a broader plan to stop offering this product across Europe.

In August, the FCA released a surveillance notice stating that it was “unable” to effectively monitor Binance because it had not answered questions about its headquarters.

Binance was accused of market manipulation but the accusations were denied by the company. However, Binance is still struggling with multiple jurisdictions in various countries including, in South Korea, Germany, and Malaysia.