Market

Binance plans to land back in the UK with a brand new look

Changpeng Zhao, Binance CEO, said the exchange plans to expand again into the UK within the next 6 to 18 months, despite the country’s regulator ordering it to cease trading earlier this year.

The Financial Conduct Authority (FCA) has ordered Binance to cease trading in the UK in June amid extensive regulatory action on the stock exchanges.

To be registered in the UK, the platform must comply with money laundering and terrorist financing controls. Zhao said the company is considering establishing a UK office – similar to its subsidiary Binance.US – to meet the requirements.

Zhao said Binance plans to apply for an FCA license because it has hired “several former UK managers” and “several hundred legal staff” since the FCA announced in June.

In October, the giant hired the former international relations director at the Dubai Financial Services Authority (DFSA) as regulatory liaison director to facilitate better relationships with financial institutions.

The platform is back to working with regulators and is in the process of making “some very significant changes” in their “product offerings, internal processes and the way we work with agencies”.

With FCA approval, BNB 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 futures, options and leveraged positions as regulators continue to increase pressure.

Binance also previously suspended derivatives trading for users in Germany, Italy and the Netherlands to cease offering these products across Europe.

In August, the FCA released a prudential notice stating it could not effectively monitor Binance because it had not yet responded to inquiries about its headquarters.

The exchange has denied all allegations of market manipulation but has still encountered opposition from many jurisdictions including Germany, Malaysia and South Korea.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.