Changpeng Zhao Says Binance Plans To Expand To the UK

Changpeng Zhao, the CEO of Binance, stated that the exchange has plans to have an expansion to the United Kingdom between the coming 6 to eighteen months, notwithstanding the instructions by the regulator of the country to put a stop to the trading operations of the firm.

In June, the U.K.-based FCA (Financial Conduct Authority) canceled the company’s application to trade across Britain, during a continuous regulatory crackdown exercised on the exchanges of cryptocurrency. Binance is considered among the world’s biggest crypto exchanges. For having a status of being registered with the regulatory authority of the United Kingdom, the venue has to comply with terrorist financing as well as money laundering controls.

Zhao signaled that the exchange was contemplating the establishment of a particular firm to operate in the country, just like the branch of Binance working in the United States. The CEO further mentioned on 4th December to Telegraph that the exchange has the strategies to file for a license from FCA, as a considerable ex-regulatory staff has been hired by the company from the United Kingdom as well as nearly two hundred compliance-related people after June’s notice provided by the FCA.

In October, the organization appointed a person who formerly worked at the DFSA (Dubai Financial Services Authority) as the international relations’ head, to be the main regulatory liaison official to play a part in assisting for good relations with the regulatory entities worldwide.

Zhao also signaled that the respective venue is completely re-connected with the regulatory authorities, and currently, it is involved in the procedure of developing substantial modifications in its product offerings, the internal processes, as well as the method of working with the regulators. After FCA’s certification, the exchange could be capable to provide products like derivatives and futures across the United Kingdom in September.

It announced that the consumers within Australia would be given 90 days to shut down the positions thereof for leveraged tokens, options, and futures as the regulators are consistently mounting the pressure. The forum has additionally suspended the trading of derivatives for the customers thereof belonging to Netherlands, Italy, and Germany as included in its wider plan to stop offering such products throughout Europe.

The FCA, in August, issued a supervisory document mentioning that it was not able to do effective supervision of Binance as the exchange did not answer the queries raised by the regulator regarding its headquarters. The forum has refuted all the accusations leveled against it for market manipulation nonetheless still undergoing hindrance on the behalf of several jurisdictions such as South Korea, Malaysia, and Germany.