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Binance: We are working hard on the license for Great Britain



Binance wants to gain a foothold in the UK again, as the CEO of the well-known crypto exchange announced. The crypto exchange is currently preparing to apply for approval from the UK Financial Market Authority.

Binance wants UK license

Binance founder and CEO Changpeng Zhao (CZ) recently announced that the crypto exchange aims to become a registered service provider in the UK in six to 18 months, The Telegraph reports.

Roughly six months after the Financial Conduct Authority (FCA) warned Binance not to operate in the UK without a permit, the crypto exchange announced it was building its services in the country.

In June, Binance was asked by the British regulator to remove advertising and to make it clear on its website that Binance is not allowed to offer its products and services in the country.

Since then, Binance has welcomed a number of ex-government officials from the UK and a few hundred compliance staff, CZ said. He also revealed the extent to which the crypto exchange has expanded its UK office when he talked about the exchange's plans to obtain the UK license.

“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. "

CZ added:

"We want to continue to have a presence in the UK and serve UK users in a fully licensed and fully compliant manner."

The FCA's license would allow Binance to offer products such as futures and derivatives to traders and investors from the UK.

As early as August, the financial regulator reiterated its stance, arguing that Binance was unable to be effectively supervised.

Zhao said:

“We have now understood that. So now we are in the process of having real offices, legal entities, proper board of directors and proper governance structures in most places including the UK. "

To mark the occasion, Zhao may choose to set up a separate entity called Binance UK, similar to the existing one in the United States, to address FCA concerns about Binance without a designated headquarters.

The FCA notice was one of the first warnings Binance received from regulators. This led Zhao to take a proactive approach to the company's compliance strategy.

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