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BINANCE IS STARTING ANEW IN GREAT BRITAIN



After recent difficulties between the FCA and Binance, the crypto exchange is now looking to relocate to the UK. Binance CEO Changpeng Zhao (CZ) aims to meet all UK tax authorities' requirements over a period of 6-18 months.

Trouble between FCA and Binance

The Financial Conduct Authority (FCA) is an independent financial market regulator in the UK. It is subject to around 51,000 financial services and financial markets in the United Kingdom.

Binance has some time ago with some financial authorities struggling had since the stock market in different countries acted without licensing. One of the first countries to severely restrict Binance's trading was the UK.

Other countries reacted less strongly to the non-regulation of Binance by the respective tax authorities. For example, in Germany or the USA, trade was not directly prohibited, but conditions were created that must be met by a certain date. As a first step, Binance announced in June that all futures and derivatives in Germany will be discontinued in December 2021 .

Binance on Regulations-Course

When one negative headline after another hit Binance, the exchange decided to face the regulations of the respective countries and to comply with them in order to obtain the appropriate licensing for financial transactions.

CZ announced in an interview today with the British daily The Telegraph that the exchange is working to meet the requirements of Great Britain. Binance is expected to become a registered crypto asset company in the UK within a period of 6-18 months. To do this, he is considering setting up a subsidiary in the United Kingdom.

CZ explains:

We are fully at work again. We are making a number of very significant changes in organizational structures, product offerings, our internal processes and the way we work with regulators. 

Crypto beats fiat

The crypto market has been inundated with red numbers for the past few days. Experienced hodlers see this crash as a good point of re-entry and keep their resting heart rate low. Of course, these people also include the CEO of Binance.

In the interview, CZ emphasized once again that cryptocurrencies and the underlying industry make a “useful contribution to human society” and promote technological progress. He also explains cryptocurrencies as a better version of fiat money:

Money is still very clunky today. We can maintain the same level of security and compliance, but at the same time make it a lot faster, easier, and cheaper to process. 

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