Changpeng Zhao, the chief executive of Binance, is beefing up compliance-related jobs and applying for a license to operate as an official crypto-asset exchange in the United Kingdom.
Following the Financial Conduct Authority’s decision to stop advertising in June 2021, Zhao has stated that the crypto exchange is trying to expand its UK presence.
Binance Markets Limited, situated in London, had hoped to become a distinct organization to service the UK market, similar to Binance.US, however, the FCA blocked this.
Even though Binance was barred from operating an exchange in the UK as a result of the regulatory crackdown, consumers in the UK were still allowed to access services through the Binance.com domain.
All set for UK launch
The CEO stated that since then, relations with the FCA have significantly improved and that they are now on speaking terms.
He said that they had engaged a large number of compliance officers (including former FCA workers) to support an application to the Financial Conduct Authority for a license.
The exchange’s opacity about its domicile and corporate structure was one of the key complaints that the British regulator had with it.
It’s currently opening physical locations and forming legal companies.
Full registered crypto entity
Binance expects to be up and running in Britaini in six to 12 months, with anti-money laundering and anti-terrorism financing compliance in place, allowing it to operate as a fully registered crypto-asset corporation.
Futures and derivatives trading are also on the horizon for the organization.
Zhao has been taking interviews with Bloomberg, CNBC, and the Associated Press, among others, in recent weeks as part of a public relations campaign.
As the company transitions from a decentralized technology company to a financial services organization, Binance is looking at 3-5 locations for considerable local offices.
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