Binance will be back in United Kingdom In the next six to twelve months
Binance CEO Changpeng Zhao is beefing up compliance positions and seeking a UK crypto-asset exchange licence.
Following a Financial Conduct Authority order to cease advertising in June 2021, Binance CEO Changpeng Zhao has stated that the crypto exchange is working on opening a UK division.
Binance Markets Limited, based in London, hoped to form a distinct organisation to serve the UK market, but the FCA intervened. Despite the ban on operating an exchange in the UK, consumers could still access services through Binance.com.
The CEO stated that ties with the FCA have improved substantially since then. He added they employed several compliance officers (including former FCA workers) to support their application for a licence. The UK authority expressed concerns about the exchange’s domicile and corporate structure.
It is now opening offices (including one in the UK) and forming legal organisations. Binance expects to be fully registered as a crypto-asset firm in the UK within six months to a year. There are also plans to offer futures trading.
In recent weeks, Zhao has been interviewed by Bloomberg, CNBC, and the Associated Press. Binance is looking at 3-5 locations for significant regional headquarters as it transitions from decentralised technology to financial services.
It began about five to six months ago. Zhao thinks that because regulators don’t understand decentralised groups, it’s best to cooperate and even create a “crypto bill of rights.”