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Binance is on the run in Great Britain

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Binance is on the run in Great Britain

The crypto exchange Binance under the patronage of Changpeng Zhao wants to make a fresh start in Great Britain. Following the US model, the CEO is planning a subsidiary in order to meet the regulatory requirements.

Anyone who thought that the crypto exchange would give up the market in Great Britain due to regulatory difficulties will now see themselves wrong. So announced the CEO of Binance, Changpeng Zhao, that the exchange plans to regain a foothold in the UK in the next six to 18 months. The British Financial Supervisory Authority (Financial Conduct Authority, FCA) this year to the instances that Binance banned trade.

What is Binance boss Changpeng Zhao, known as “CZ”, planning now to meet the regulatory requirements? The regulations require the platform to comply with money laundering and terrorist financing controls. To meet these requirements, Zhao would like to set up a special subsidiary. He rides with us in the USA Binance.US already a similar strategy.

Zhao speaks of a better relationship with the regulator

In one Conversation with the telegraph Zhao explained that relations with the regulator had improved. Binance only received a reprimand from the FCA in the summer in which the authority pointed out inadequacies with regard to the derivatives trading of the crypto exchange.

We are making a number of significant changes to our organizational structure, product offering, our internal processes and the way we work with regulators. We want […] serve UK users in a fully licensed and fully compliant manner.

In the future, the product range will also include more sophisticated financial products such as futures and derivatives, if the supervisory authorities allow this. This is to be done, among other things, by the new Binance subsidiary. For these, according to Zhao, “a number of former UK regulatory staff” and “a few hundred compliance staff” were hired. This plan runs contrary to the measure to suspend derivatives trading for users in Germany, Italy and the Netherlands. This was considered part of a broader plan to stop selling these products across Europe.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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