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Binance plans to become a registered British company despite regulatory setbacks

Binance plans to become a registered British company despite regulatory setbacks

Binance CEO Changpeng Zhao said that the exchange plans to expand its operations in the UK in the next 6 – 18 months, despite the country's regulator ordering it to stop trading earlier this year, the Cointelegraph reported.

The U.K. Financial Conduct Authority (FCA) barred Binance from trading in Britain in June, amid a massive crackdown on cryptocurrency exchanges. Binance –s one of the world's largest cryptocurrency exchanges. To become a registered crypto firm in Britain, the platform must comply with money laundering and terrorist financing controls. To comply with these requirements, Zhao said the company is considering creating a dedicated company to operate in the U.K. –similar to its subsidiary Binance.US. Zhao told the Telegraph newspaper on Dec. 4 that Binance plans to apply for an FCA license, hiring “several former UK” and “a couple hundred compliance officers” after notifying the FCA in June. In October, the crypto-exchange giant hired a former head of international relations at the Dubai Financial Services Authority (DFSA) as chief regulatory liaison to help improve relations with international regulators. Zhao also indicated that the platform has “completely redesigned its interaction”with regulators and is currently undertaking “a number of very significant changes”in “the products offered, our internal processes and the way we work with regulators”. With FCA approval, Binance will be able to offer products such as futures and derivatives in the UK. In September, Binance announced that Australian users would have 90 days to close their futures, options and leverage tokens positions as regulators continue to increase pressure.

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