Crypto exchange Binance will do everything to stay in the UK market – said the CEO of the company

Briefly:

  • FCA continues to press Binance
  • However, the company does not intend to leave the UK market
  • The CEO of the exchange announced plans to create an official representative office in the country
  • So far, the site has not received a license from the financial regulator

Despite the tightening of regulations, as well as close scrutiny from the Financial Conduct Authority (FCA), Binance continues to expand into the UK market. The general director of the exchange said that he intends to create a full-fledged representative office here.

Recall 26 In June this year, the FCA issued a ruling stating that Binance is not allowed to conduct any regulated activity in the UK.

The regulator also warned about the risks of investing in crypto assets.

However, Binance still intends to gain a foothold in the English market. By the end of August, the regulator acknowledged that the exchange had eliminated the comments, but it never received a license. Of all the platform’s products, only futures and derivatives are available to UK traders.

On Saturday, December 4, Binance CEO Changpeng Zhao announced that the company intends to expand its operations in the country. This means that the exchange will need an official representation.

According to the CEO, the company will not only apply for a license with the FCA, but also intend to hire several former employees of the supervisory agencies. They will provide consulting services and monitor compliance with all regulatory requirements.

According to Zhao, the platform is undergoing global transformation processes that will affect not only the organizational structure, but also services.

Due to protracted litigation with regulatory authorities, Binance has been forced to scale back its services in some markets. For example, in September, the company asked Australian users to sell all futures within three months.

See also: UK crypto exchanges are taxed.

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