Binance, the world’s largest cryptocurrency exchange platform, has plans to obtain the necessary paperwork and become a registered service provider in the United Kingdom by mid-2022.
Key takeaways:
- Binance CEO and founder Changpeng “CZ” Zhao has recently indicated that the world’s leading digital currency exchange plans to become a licensed service provider in the UK in the next 6 to 18 months, according to The Telegraph.
- Binance will seek approval from the UK’s leading financial regulatory agency Financial Conduct Authority (FCA). The FCA has issued a consumer warning on Binance in late June and stated that the exchange “is not permitted to undertake any regulated activity in the UK.”
- While the FCA’s oversight doesn’t include cryptocurrency spot market activity, the agency does regulate crypto asset derivatives and digital assets that could be considered securities.
- In August, the FCA revealed that Binance complied with all requirements the regulator has imposed, which bodes well for Binance’s prospects of obtaining the required licenses to operate on the island in full capacity in the future.
- Binance has recently published a list of 10 Fundamental Rights for Crypto Users, calling for a more regulated crypto market and showing its commitment to work with policymakers to produce a regulatory framework that would be beneficial to an average crypto user.
- The world’s leading spot and derivatives crypto trading platform has recently hinted that France could become its new global headquarters. Physical headquarters would go a long way in alleviating some of the regulatory pressure and help Binance’s goal of practicing proactive regulatory compliance.
- According to data from CoinCodex, Binance processed more trading volume in the last 24 hours than the next four largest cryptocurrency exchanges combined. According to a recent report from the Wall Street Journal, Binance could be worth north of $300 billion if it were a publicly-traded company.
