Binance still targeting the UK, despite hostility from local regulators.
Binance more determined than ever to locate in Europe? The company plans to relocate to the UK within 6 to 18 months. However, its first local branch was met with a wave of mistrust on regulators and the banking sector last summer.
Is Binance UK rising from the ashes?
The sprawling trading platform had started to attack Europe with local branches. But Binance had encountered unparalleled aggression when it tried to set foot in the UK. So last June, the Financial Conduct Authority (FCA), the local regulator, simply banned Binance UK from operating in Britain.
As a result, several major UK banks began to reject transfers to the international version of Binance. This latest development had been the case with Barclays in July, a few days before the British branch of Santander.
All of this had sparked a wave of international mistrust, with Binance coming under fire from several regulators. To the point that the biggest world exchange had to review its communication: it has been showing its white paws for several months.
Binance determined to move to the UK.
But as The Telegraph reports, while the United Kingdom has been one of the territories most openly hostile to the trading platform, the latter nevertheless intends to establish itself there. For that, she wants to get the sesame: a license from the FCA.
To do this, what might become Binance UK has hired compliance specialists and former FCA alumni to make sure it’s in good standing. Changpeng Zhao, CEO of Binance, confirmed this will:
“We are fully re-engaged. We are making major changes in organizational structures, product offerings, our internal processes and the way we work with regulators.”
According to Zhao, Binance will become an FCA registered entity within 6 to 18 months. Developing a separate branch is only an option, according to the CEO of Binance, as the firm may choose to register in its international version.
Europe seems to be Binance’s new hook anyway. It appears that the firm has chosen Ireland as its headquarters, and it has reported several initiatives to establish a local presence. The new version of Binance, therefore, intends to play with regulators rather than against them.
It is very welcoming to know that Binance still targeting the UK.
