The world’s largest crypto exchange based on trading volume, Binance is working on a plan to commence operations in the UK within the next 18 months.
Earlier in June, Binance was ordered by the Financial Conduct Authority (FCA) to quit all its “regulated services” in the UK, when the exchange failed to provide answers regarding its mode of operations and where its headquarters is located.
Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA.
— Binance.UK 🇬🇧 (@BinanceUK) June 30, 2021
According to the firm’s CEO Changpeng Zhao, the firm is now “fully re-engaged” with the financial watchdog and will make another push at getting the appropriate license to enter the UK market again.
“We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators,” Zhao revealed to the Telegraph.
“We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner.”
Furthermore, Zhao says the discussion between Binance and the FCA has been “very positive.”