Crypto Exchange Binance Persists in U.K. Regulatory Compliance

December 6, 2021

Binance CEO Changpeng Zhao revealed that the exchange is looking to expand to the U.K within the next 18 months and possibly sooner pending a final regulatory go-ahead.

Despite having ceased its operations in the country earlier this year, Zhao told the Telegraph in an interview published on Saturday that his exchange plans to apply for a license with the U.K.’s Financial Conduct Authority (FCA) after it brought in a “number of ex-regulatory staff from the UK” and a “couple of hundred compliance people” since the FCA blocked Binance from operating on the peninsula.

Binance is the world’s largest cryptocurrency exchange and to become a registered crypto asset business in the U.K., the exchange is required to abide by all money laundering and terrorist financing controls. Zhao indicates that the company is considering setting up a U.K. subsidiary to meet the FCA requirements. In August, the U.K. regulator had already greenlighted Binance for complying with the regulations in place.

Zhao further stressed that his exchange is “fully re-engaged” with regulatory bodies and is currently making “a number of very substantial changes” in “product offerings, our internal processes, and the way we work with regulators.”

In October, the crypto exchange giant took in a former Dubai Financial Services Authority (DFSA) Executive to liaise with regulators across the globe. The exchange had already strengthened its team with former Europol investigator Nils Andersen-Röed as its new director of audit and investigations and the former U.S. IRS investigator, Greg Monahan, to lead its Anti Money Laundering efforts.

The leading exchange’s do-over campaign continued in November with the launch of its ‘Crypto is Evil’ advertisements.

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Author: Peter Siu

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