Binance wants to serve its customers from the United Kingdom and for doing so it has decided that it has to completely overhaul its existing UK platform for making it a fully licensed and regulated crypto trading platform in the UK.
The world’s largest international crypto trading company, Binance has eventually decided that it needs to take some important decisions. After undergoing massive criticism, Binance has decided it is time to please its British customers. Within the UK, in particular, Binance has shown its willingness to become a completely regulated crypto firm. It has said that it will be establishing a branch office in the UK region which will be approved by the Financial Conduct Authority of the UK (FCA).
Earlier, there were some regulatory disputes that developed between FCA and Binance. FCA demanded Binance fulfill certain requirements, however, Binance refused. The firm argued that it has no branch establishment in the UK and therefore none of the UK regulations have any jurisdiction over it. But FCA asked Binance to immediately suspend advisory and crypto trading services in the UK and warned the public to end ties with Binance.
Changing Zhao, the CEO of Binance Global has said that Binance will be applying for obtaining a license from FCA. He further pointed out that the dispute with FCA has been settled amicably and now there is a window of opportunity. Zhao said that Binance has a huge customer base situated in the UK and at least Binance can initiate “Binance UK” for them. However, before applying for the license, Binance will need to overhaul its trading platform which includes modifying existing organizational structures. Similarly, changes will need to be made in product offers and a healthy relationship with FCA needs to be maintained, said, Zhao.
He further elaborated that in the past Binance was sent a warning by FCA and Binance was asked to obtain an operating license. The issue was later discussed between officials of Binance and FCA and resolved amicably. This then led to the announcement from FCA informing British customers that the issue has been solved. FCA claimed that Binance had agreed to seek a license and made a commitment that it will abide by the rules and regulations. Binance’s commitment was again reiterated by its CEO who said that Binance wants to work in the UK with a positive attitude.
Though the matter has been resolved at FCA’s end, yet the issue with UK banks is still there. When FCA warned Binance, the banks in the UK too were instructed not to render any banking services to Binance. It seems that the issue with the UK banks will automatically come to an end when FCA has already issued a clarification.
The process of obtaining a license and altering Binance’s platform for the UK would however take at least 6 to 12 months.