Binance has announced that it plans to launch its new European headquarters in London, while also preparing for an application with the Financial Conduct Authority. Binance hopes to focus on “ecosystem sustainability” and says they’re planning to open offices around the world until 2020.
Binance has announced that it plans to launch in the U.K., and is preparing for seeking FCA approval. The exchange has also revealed that it will be launching a fiat-to-crypto trading platform. Read more in detail here: where is binance located.
According to The Telegraph, Binance founder and CEO Changpeng Zhao has said that the crypto exchange hopes to become a registered service provider in the UK in six to 18 months.
Binance has unveiled ambitions to expand its operations in the United Kingdom, almost six months after the Financial Conduct Authority (FCA) warned that the cryptocurrency exchange is operating without authorisation in the nation.
Anti-money laundering requirements in the United Kingdom
Binance was ordered by the UK regulator in June to remove advertising and make it clear on its website that it is not allowed to provide its goods and services in the nation.
Binance has hired “a couple of hundred compliance personnel” and “a lot of ex-regulatory employees from the UK” since then, according to Zhao, showing the degree to which the crypto exchange has strengthened its UK headquarters.
“There, we’re totally re-engaged.” “We’re making a lot of very significant changes in organizational structures, product offerings, internal procedures, and the way we deal with authorities,” Zhao said as the exchange revealed its intentions to apply for a license to operate in the United Kingdom.
Binance CEO stated, “We aim to continue to create a presence in the UK and serve UK consumers in a fully licensed and compliant way.”
With the FCA’s clearance, the crypto exchange will be allowed to sell products like futures and derivatives in the United Kingdom.
What is the location of your headquarters?
The financial watchdog reaffirmed its position in August, claiming that Binance “is not capable of being efficiently overseen.”
“At this point, we’ve grasped the situation. So, in most areas, including the United Kingdom, we’re in the process of establishing genuine offices, legal organizations, a legitimate board, and correct governance structures,” Zhao said.
With this in mind, Zhao’s business may create a distinct corporation named Binance UK, similar to the one that already exists in the US, to meet the FCA’s worries about Binance’s lack of a recognized headquarters.
The FCA’s notification was one of the first regulatory cautions Binance got from across the globe, prompting Zhao to adopt a more proactive approach to the company’s compliance strategy.
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