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Binance is reportedly planning to become a registered crypto asset firm in the U.K. despite being instructed by the Financial Conduct Authority (FCA) to cease trading earlier this year.
Binance Revives Plans for U.K. Launch
In an interview with Telegraph, Binance CEO Changeoeng Zhao said that the exchange is now working to revive its U.K. business over the next six to eighteen months.
To become a registered crypto asset firm in the U.K., the platform must abide by money laundering and terrorist financing controls. To meet these requirements, Zhao indicated the company was considering setting up a specific company to run in the U.K. similar to its Binance.US subsidiary.
“We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner,” Zhao said.
The crypto exchange plans to apply for an FCA license, having hired a “number of ex-regulatory staff from the U.K. and a “couple of hundred compliance people”. Zhao also indicated 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.”
Heat from Regulators Worldwide
In June, the U.K.’s Financial Conduct Authority (FCA) revoked Binance’s ability to trade in Britain after a regulatory crackdown on crypto exchanges. U.K. customers were still able to access services through the Binance web page, even though it was banned from operating an exchange there due to the regulatory crackdown.
With approval from the FCA, Binance could offer products such as futures and derivatives in the U.K.
Binance has faced heat from several countries’ regulators earlier this year, including South Africa, Singapore, Australia, and Brazil. In September, Binance announced that Australian users would have 90 days to close their positions for futures, options, and leveraged tokens as regulators. The exchange has also previously suspended derivatives trading for users in Germany, Italy, and the Netherlands.