• Despite its local regulatory issues, Binance will apply for a UK license

  • Changpeng Zhao, CEO of cryptocurrency exchange Binance, has announced that his company will apply for a Financial Conduct Authority (FCA) license in the United Kingdom. While there has been tension between the trading venue and the local watchdog for some time, the executive assured that their relationship had recently improved.

    The Hostile Territory Is Being Targeted

    CZ recently revealed in an interview that Binance is looking to re-establish its presence in the United Kingdom and “serve UK users in a fully licensed and fully compliant manner.” He outlined a number of corporate changes that will address some of the issues with the local regulator.

    “We’re completely re-engaged there.” We are implementing a number of significant changes in organizational structures, product offerings, internal processes, and the way we interact with regulators.”

    Binance, in particular, aims to become a registered cryptocurrency firm on the Albion, which adheres to money laundering and terrorist financing monitorings, within the next 6 to 18 months. One option is to create a separate entity called Binance UK, similar to the one that already exists in the United States.

    The United Kingdom’s Financial Conduct Authority (FCA) has taken a rather negative stance toward Binance in recent months. The exchange was warned by the regulator in June that it was not permitted to operate in the country. The FCA reiterated its stance in August, stating that Binance poses a significant risk to investors and cannot be effectively supervised.

    After receiving public criticism not only from the UK regulator, but also from many others around the world, the trading venue decided to restructure its structure. It was founded as a decentralized platform with “no headquarters and no borders,” and it is now looking for a home.

    Ireland and France are two possible locations for Binance’s headquarters.

    Cryptocurrency Can Help Society

    CZ went on to extol the virtues of the cryptocurrency industry, describing it as a “useful thing to contribute to human society” and emphasizing how civilization has advanced due to technological advancements.

    The CEO also stated that digital assets are a superior form of money because transactions with fiat currencies are slow and costly:

    “Money is still a bit clumsy today.” We can maintain the same level of safety and compliance while also making transactions much faster, easier, and less expensive.”

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