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Binance Revives UK Launch Plans

 


Bitcoin exchange Binance is reviving its efforts to launch in the UK months after plans were halted by City Watchdog’s ban.

Binances CEO Changpeng Zhao told the Sunday Telegraph that the company will apply for a Financial Conduct Authority (FCA) license after it hires a compliance officer and former staff of city watchers.

Zhao says relations with regulators have improved since Binance was accused of being rude this summer by the FCA. Regulators intervened, saying the company was not authorized to operate in the UK and failed to answer basic questions about its structure.

They fully reunited there, he said. There have been a number of very real changes to our organizational structure, our product offerings, our internal processes and the way we work with regulators.

We want to continue to establish our presence in the UK and serve UK users in a fully licensed and compliant manner.

He said he hopes Binance will become a registered crypto-asset company that must comply with money laundering and terrorist financing controls within six to 18 months. He said one option would be to set up a separate company similar to the US exchange it created in 2019.

The Cayman Islands-listed company is the world’s largest cryptocurrency exchange, but its opaque corporate structure is hurting regulators in several countries.

In June, the FCA issued a consumer warning against the Binance UK entity, ordering its clients to cease carrying out regulated activities in the UK and to stop financial promotions and advertising.

He later said that he could not supervise the company because he did not respond to inquiries about the headquarters.

Since then, Zhao has promised to check Binance and work with regulators. He said the company had set up an office in the UK after the FCA notice in June, along with many regulators and 200 compliance officers from the UK.

Since then, our team has had a very positive interaction with FCA, and as soon as we saw the notice we requested a meeting in person. That way, communication is guaranteed.

Binance continues to offer cryptocurrency trading in the UK through its global business, but withdrew its FCA application shortly before the watchdog intervention in June. Zhao said he hopes to be able to offer more complex financial instruments such as futures and derivatives in the UK if regulators allow it.

Plus: Binance’s Changpeng Zhao, Poker Player Going All-In on Crypto

Confronting Elon Musk and his 65 million Twitter followers is either brave or stupid depending on who you ask. But Changpeng Zhao felt he had no choice.

The Tesla billionaire recently tweeted from Zhao, founder of the world’s largest cryptocurrency exchange Binance, when customers complained about being unable to temporarily withdraw Musk’s favorite asset, Dogecoin. This article was written by Musk.

In those two words, Zhao, a 44-year-old spectacled Chinese-Canadian, usually looks red. I have to admit that I’m usually pretty stable, but I was a bit emotionally charged at the time.

When someone like Elon Musk with such an influence says something like that, it’s my job to clarify it and defend myself.

Known as CZ to colleagues and fans, Zhao retaliated provocatively by tweeting that Tesla was recently forced into an embarrassing safety recall affecting thousands of cars. He said he overreacted when he saw the word shady.

Sources

1/ https://Google.com/

2/ https://www.telegraph.co.uk/business/2021/12/04/binance-news-interview/

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