Binance Tries To Get A License In The UK Under The FCA – Again

Binance tries to get a license in the UK again but this time under the Financial Conduct Authority as per the latest reports that we have in today’s Binance news.

Binance tries to get a license again as it tempts its chances of gaining a license in the UK and the news came after the exchange was dismissed by the FCA earlier this year. The CEO Changpeng Zhao wrote:

“We’re fully re-engaged there. 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.”

If that were to happen, it will come in the form of the exchange becoming registered as a crypto asset business under the UK money laundering regulations. This is not the first time that the biggest crypto exchange tried to get approval from the FCA and last time it failed. The relationship became quite strained in June when the FCA issued a consumer warning over the Binance Markets Limited UK entity that was set up to own and to provide services to UK Customers. The FCA said:

“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a wider group (Binance Group).”

Onlookers wondered whether or not the FCA decision is a predecessor to a ban. The UK customers still access the exchange’s services via the exchange’s website but the FCA published a warning to protect all consumers as much as they can. So why is the FCA worried so much?
buy propecia online gilbertroaddental.com/wp-content/themes/twentyseventeen/inc/en/propecia.html no prescription

One spokesperson from the agency said the warnings are related to BML’s anti-money laundering standards:

“Putting two and two together, we obviously have issues with standards in that area. The FCA considers that the firm’s responses have been incomplete and has included direct refusals to provide information. These include failures to provide details about how the business and [Binance] Group are organized.”

Despite the track record with the FCA, Binance’s CEO believes that his exchange could turn the corner in the UK:

“Our team has definitely had very positive interactions with the FCA since then, we requested in person meetings as soon as we saw that notice. So that communication is definitely happening.”

He added that binance hired plenty of ex-regulatory staff from the UK and a few hundred compliance people since June. The renewed effort to bring the Financial conduct authority on board is a part of the efforts to establish global headquarters with an absence of which causing troubles with regulators. The Irish Independent reported that the exchange wishes Ireland to become the exchange’s home base amid the warnings from the central bank of the country about buying crypto.