Binance on the way to become registered U.K. exchange firm

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The United kingdom’s regulator being choosy about Crypto exchange platforms is not a hidden thing anymore. However, the world’s largest crypto exchange Binance aims to expand itself in the country in the next six to 18 months.

Earlier in June 2021, the country’s regulator Financial Conduct Authority (FCA) had a sudden regulatory crackdown on Crypto exchanges and instructed Binance to cease trading in the country. 

The CEO Changpeng Zhao (CZ) hinted at the company’s plans to set up a specific subsidiary company (similar to Binance.US) to operate in the country for abiding by the money laundering and terrorist financing controls.

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CZ also hinted that the exchange is fully engaged with regulators and plans to make a number of major changes in product offerings, internal processes, and the way of dealing with regulators.

Market pundits are anticipating that the company could offer futures and derivatives trading in the UK if it gets approval from FCA.

For better relations with international regulatory bodies around the world, the exchange giant in October welcomed its first Chief Regulatory Liaison Officer, Mark McGinness, former head of international relations at the Dubai Financial Services Authority (DFSA).

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Careful steps by Binance

Amidst the massive regulatory pressure, Binance has strategically planned to apply for an FCA license recently.

Before this, the CEO of the company also informed that after the company settled on making KYC compulsory for using any feature in the platform, it nearly lost 3% of its users, clearly indicating the strong effect of regulations on investors.

Amidst the huge pressure, Binance has already suspended derivatives trading in different parts of the world, including Germany, Italy, and the Netherlands, under the plan of seizing product offerings across Europe.

Binance also had to stop its futures trading services in South Africa after scrutiny by the regulators earlier this year.

 

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