The world’s largest cryptocurrency exchange by volume, Binance, is once again making headlines for its plans to enter the United Kingdom. It comes at a point when Binance is already not allowed to set up offices in the U.K. Over the past few months, Binance has made steady growth in the expansion of its business. The cryptocurrency exchange even set up its headquarters in Ireland several months back, and it was its first major set up in the British Isles.
The CEO of Binance, Changpeng Zhao, has other plans this time to bypass the U.K. regulations. In June 2021, the Financial Conduct Authority (FCA) of the U.K. had banned Binance from carrying out trade within their jurisdiction. The ban came after Binance failed to meet regulatory requirements, failing to follow money laundering acts and terrorism financing controls.
According to Zhao, Binance might come up with a subsidiary in the United Kingdom, similar to Binance.US. It would not operate under Binance Global, and thus would have a better chance of meeting all regulatory needs. Zhao also predicts that they will be able to finish the required processes within the next eighteen months.
Binance has been in conflict with regulatory bodies for a long time. In Australia, the tussle led to Binance giving a 90-day notice to all its futures, options, and leveraged tokens. Many authorities have accused Binance of market manipulation. In countries like Malaysia, South Korea, and Germany, Binance is still fighting legal battles with the authorities. Nonetheless, getting into the U.K. will be a big stride for Binance and its subsidiaries.