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World’s leading cryptocurrency exchange, Binance is now restarting its operations in the U.K after the ban lifted by the country’s regulators. The CEO of Binance, Changpeng Zhao (referred as CZ) shares about the company’s reviving plans to build the business in the U.K. The re-engaging of Binance with the U.K is going viral after the CZ report this afternoon.
Moreover, Binance is one of the largest and crypto-friendly exchanges in the U.S marketplace. So the entire Binance team is sharing its happiness to tie up with the U.K after strict regulatory actions on the exchange. Through this come-back, Binance will bring in authorized compliances, with proper organizational structure.
Binance Resumes back in U.K
In June, the FCA raised an alert for all crypto users against Binance’s British firms. The FCA regulators did not permit the users to practice any crypto activities. Thereby halting all the promotions and advertising events of Binance within the country. In regards with this, CZ says that Binance will apply for the license from Financial Conduct Authority (FCA) as it will legally operate in the country.
From then, Binance recruited an army of compliance officers and former employees of the City watchdog to form an office in the country. And with the FCA approval Binance can offer valuable products such as futures and derivatives to the U.K users.
In addition, CZ comments about resuming Binance operations in the U.K.
“Our team is re-engaging there with various substantial changes in our organizational structures. Along with unique product offerings, internal processes and the way of working with the Authorities.”
Besides, Binance is very eager to continue its presence in the U.K market to serve the users in an authorized and compliant way. However, Binance crypto exchange is working on smart plans to overcome the British anti-money laundering activities which halted the industry.
More so, CZ is very clear on his mission to stand strong this time in the U.K with its regulators. Binance is aiming to become a registered crypto assets firm in another six to 18 months abiding the protocols for money laundering and terrorist financing controls. And also to set up a separate new company similar to U.S exchange, he adds