Crypto exchange Binance seeking license from UK regulator
Having failed previously, Binance is aiming to become licensed by the Financial Conduct Authority (FCA), the UK regulator.
Earlier this year, Binance’s application was swiftly dismissed.
#BINANCE IS SEEKING AN FCA LICENSE TO OPERATE AS A FULLY REGULATED EXCHANGE IN THE UK— BreakingCrypto (@BreakingCrypto5) December 6, 2021
“We’re fully re-engaged there. We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators,” Changpeng Zhao, Binance CEO, reportedly said.
“We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner,” he added.
For Zhao’s ambition to be realised, Binance would need to be registered by the FCA, abiding by the country’s money laundering regulations in the process.
Previously Binance’s relationship with the FCA has been strained, which could serve to explain why it has failed to become licensed in the past.
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider group (Binance Group),” the FCA said back in June.
While some referred to the decision as a ban, UK customers were still able to access their Binance accounts.
A spokesperson from the FCA said the consumer warning was related to BML’s anti-money laundering standards.
“Putting two and two together, we obviously have issues with standards in that area,” the spokesperson said.