Binance, the world’s largest cryptocurrency exchange by trading volume plans to take its business into Great Britain as it looks for Financial Conduct Authority (FCA) approval. CEO Changpeng told Sunday Telegraph in a recent interview that his company is planning on filing an application with this financial regulator.
Further, the Financial Services Commission is looking to hire former FCA staff and ‘a couple hundred compliance people’ as part of their goal to sweeten the relationship they have with financial markets regulators.
Zhao said, “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators. We want to continue to establish a presence in the UK and serve UK users in a fully licensed and fully compliant manner.”
The giant exchange is looking to follow its United States operations, where it works under a locally regulated subsidiary. Binance US. The company anticipates that this move will help them expand and take their business beyond just cryptocurrency trading into other financial areas.
A Change in Its Unregulated Operations
Binance is presently expanding its services into the UK market. This has enabled residents living in Great Britain or Northern Ireland with access to more than 180 trading pairs and 10 million dollars worth of cryptocurrency each day through Binance’s app store on Android users’ smartphones platform which can be downloaded onto British iPhones as well!
However, they cannot continue to do so without first obtaining one or more licenses from local authorities – which it does not currently hold any form of UK authorization for! The FCA flagged this issue recently warning other exchanges about their status as well; alluding that none can properly supervise them given how unregulated their business may be.
The Financial Conduct Authority has been regulating the cryptocurrency market for years. It’s not just about finance anymore- it is now an integral part of our everyday lives, with many people investing in crypto companies or mining them to make money!
The FCA requires all those who trade digital currencies on these islands to register as licensed financial practitioners so they can continue doing business here without fear of fines from Britain’s banking regulators later down the line.
Despite being a giant crypto exchange by trading volume, Binance operates in a decentralized way. This means their operations are very opaque and little information is available to public entities outside of an invitation-only invite-only community that helps guide developers on making new projects for listing with them. The company is fairly closed off when it comes down to transparency but what they do offer gives people who want more insight opportunities.
Moreover, Binance’s reign as king of cryptocurrency exchanges attracted regulatory attention from dozens of watchdogs. The once- obscure exchange was the target for an overwhelming amount surveillance, with some taking enforcement actions against it even! The company is in the process of creating a global headquarters and making amends with various regulators after adopting an innovative approach, in an effort to become more globally recognized and open up access around trade finance standards on their platform!
The exchange is expected to go public soon, and it’s already getting massive funding. The company has plans on going head-to-head with Coinbase in the United States.