Binance, the world’s largest cryptocurrency exchange by trading volume, is working to rebuild its operations in the U.K. after it was told to close down the business there back in June, the company’s CEO Changpeng Zhao, or CZ, told the newspaper the Sunday Telegraph.
Fast facts
- CZ told the local press the company is making attempts to become a registered crypto asset firm in six to 18 months.
- In June, the U.K.’s Financial Conduct Authority issued a warning to Binance Markets Limited — the British affiliate of Binance — and Binance Group, imposing restrictions on Binance’s activities in the U.K. The regulator said at the time that Binance was forbidden to undertake any regulated activities without the prior written consent of the FCA.
- Later in an August update, the FCA stated that Binance Markets Limited “complied with all aspects of the requirements,” though the company was still unable to conduct regulated business in the country.
- It is not only in the U.K. that Binance has encountered mounting regulatory pressure. Similar regulatory actions have been taken in countries including the United States, Japan, Italy, Australia, South Africa and Singapore.
- Subsequently, Binance has been taking steps to become compliant in its product offerings and practices including cutting high leverage, imposing mandatory KYC and beefing up its compliance team.