It is planned to resume the work of the Binance exchange in the UK
It is planned to resume the work of the Binance exchange in the UK
Despite the ban on the functioning of a significant share of Binance services by the UK Financial Supervision Authority, the exchange plans its return to the cryptocurrency market.
Changpeng Zhao, CEO of Binance, shared his thoughts. He noted that the exchange plans to obtain a license from the UK regulator. It can take from six months to one and a half years for this to happen. In turn, the exchange must, for its part, fulfill the obligations put forward by the regulator. They relate to countering money laundering and sponsoring terrorism.
Binance’s priority is to adhere to all the requirements of the British management, as emphasized by the CEO of the exchange. According to him, the company has already adjusted many of its products and processes. It is also known that in October 2021, the former head of the international relations department of the Dubai regulator joined the staff.
Another step towards the accelerated process of obtaining a license is the hiring of former employees of British regulators to work in the company. Over 200 people are employed only by the compliance department at Binance.
As you know, the UK regulator closed access for its citizens to cryptocurrency futures and Binance derivatives back in June 2021.
