Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Binance, the worldās largest crypto exchange by trading volumes has seen a major snub by global regulators in 2021. It all started with U.Kās Financial Conduct Authority (FCA) issuing the first ban on Binance operations in the country.
In an interview with The Telegraph,Ā Binance CEO Changeoeng Zhao said that the exchange is now working to build back its U.K business. The executive further added that Binance will now aspire to become a registered crypto firm in the U.K over the new six to eighteen months.
Earlier in June 2021, the Financial Conduct Authority announced its crackdown on Binance asking it to make it clear on the website that the company doesnāt hold any official permission to operate in the U.K. Speaking to the publication, Zhao said that it has hired a couple of hundred employees to look after legal and compliance matters in the country. The Binance executive added:
āWeāre fully re-engaged there. Weāre making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators. We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant mannerā.
Binance Facing Questions from Global Regulators
Following the first crackdown by China in 2017, Binance has shifted its base to multiple locations worldwide. One of the biggest challenges that Binance was facing is that it didnāt have a global headquarter.
Speaking to the publication, Zhao added:
āWhen [regulators] asked us a very simple question: āWhereās your headquarters?ā and our response was that we have no headquarters, that weāre a decentralised organisation, they didnāt know how to work with us. We understand that now. So now weāre in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the UK.ā
Last week, Binance said that it has withdrawn its permit license application from Singapore, the companyās former hub. It looks like the company is focused on moving its operations to other territories.
The post Binance Looking to Setup A Dedicated U.K. Arm After FCA Crackdown appeared first on Coingape.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.