Binance intends to get registered in the UK

The head of the cryptocurrency exchange said it will take six to 18 months to get approval from the financial regulator

06.12.2021 - 12:00

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What’s new? The Binance cryptocurrency exchange is about to apply to the UK's Financial Conduct Authority (FCA) for registration. This will allow the company to become a regulated organization in the country, Binance CEO Changpeng Zhao said in an interview with The Telegraph.

Material on The Telegraph website

What did the cryptocurrency exchange’s head say? According to Zhao, it will take 6 to 18 months to get registered in the UK. The company has hired several ex-FCA employees to speed up the process. If approved, the platform will be able to legally offer futures and other derivatives in the country.

Binance's chief executive noted that the platform's main task is to comply with the regulator's anti-money laundering and counter-terrorist financing requirements. To achieve this goal, Binance has already made a number of changes to its products and plans to continue this activity. Zhao has also not ruled out the opening of a separate subsidiary in the UK, similar to Binance.US in the US.

What events preceded it? In June 2020, the financial regulator imposed a ban on any activities of Binance Markets Limited. The British authorities argued that they could not monitor the platform's operations because it did not meet their basic requirements, for example, not disclosing its location.

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