Binance Is Implementing ‘Substantial Changes’ in Order to Become ‘Fully Licensed and Fully Compliant’ in the United Kingdom.

Binance, the world’s largest cryptocurrency exchange, has announced plans to become a “fully licensed and fully compliant” exchange in order to service consumers in the United Kingdom. According to reports, the cryptocurrency exchange is “making a number of very substantial changes” to its operations in order to comply with the country’s regulator, the Financial Conduct Authority (FCA).

The crypto platform is aiming to become a fully registered and compliant cryptocurrency exchange in order to open in the United Kingdom, where it recently had a run-in with the Financial Conduct Authority (FCA).

Binance‘s CEO, Changpeng Zhao (CZ), told The Telegraph that the exchange will reapply for a license with the FCA. He feels that the connection between his exchange and the British regulator has improved. He informed the news organization:

We’re fully re-engaged there … We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.

The Financial Conduct Authority of the United Kingdom issued a consumer warning on Binance in June, claiming that no firm “in the Binance Group holds any form of U.K. authorization, registration, or license to conduct regulated activity in the United Kingdom.” The FCA stated in August that Binance was no longer in violation of its guidelines, but that the business had not filed for a license to operate a cryptocurrency exchange.

“We want to continue to establish a presence in the U.K. and serve U.K. users in a fully licensed and fully compliant manner,” Zhao stressed, adding that Binance aspires to become a registered crypto asset corporation over the next six to eighteen months.

Following the FCA‘s warning, many large banks in the United Kingdom, including Barclays, HSBC, Natwest, and Santander, began blocking payments to Binance.

Aside from the FCA, a number of other agencies, including those in the United States, South Africa, Singapore, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, and Lithuania, have issued various warnings regarding Binance. Binance said in August that regulatory compliance will be its main goal.

When regulators asked Binance “a very simple question: ‘Where’s your headquarters?’ and our response was that we have no headquarters, that we’re a decentralized organization, they didn’t know how to engage with us,” Zhao told the outlet. Finally, the CEO stated:

We understand that now. So now we’re in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.

Patrick

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